Markets fall in early trade on relentless foreign fund outflows

People walk past the Bombay Stock Exchange (BSE) building, in Mumbai.
| Photo Credit: PTI

Equity benchmark indices fell in early trade on Tuesday (October 29, 2024) amid continuous foreign fund outflows from the capital markets and largely muted earnings from corporates so far.

The BSE Sensex declined 322.24 points to 79,682.80 during the initial trade. The NSE Nifty went lower by 86.55 points to 24,252.60.

From the 30 Sensex pack, Bharti Airtel fell by nearly 3% even as the company reported a 168% year-on-year rise in consolidated net profit to ₹3,593 crore for the September quarter.

Mahindra & Mahindra, Sun Pharma, Tata Motors, JSW Steel, Infosys and IndusInd Bank were also among the laggards.

NTPC, ICICI Bank, Larsen & Toubro and Nestle were the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,228.08 crore on Monday (October 28, 2024), according to exchange data.

“Caution prevails due to upcoming U.S. jobs data and the presidential election, alongside heavy FII outflows,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., said.

In Asian markets, Seoul and Shanghai were quoting lower while Tokyo and Hong Kong traded in the green.

The U.S. markets ended in positive territory on Monday (October 28, 2024).

Global oil benchmark Brent crude traded 0.18% higher at $71.55 a barrel.

The BSE benchmark jumped 602.75 points or 0.76% to settle at 80,005.04 on Monday (October 28, 2024). The Nifty soared 158.35 points or 0.65% to 24,339.15.