Sensex, Nifty slump dragged down by metal stocks, foreign fund outflows, weak global cues

Mumbai, Dec 13: Benchmark indices Sensex and Nifty slumped on Friday morning dragged down by metal stocks, foreign fund outflows and weak global cues.

The 30-share BSE benchmark Sensex tumbled 1,207.14 points to 80,082.82 in the late morning trade. The NSE Nifty tanked 367.9 points to 24,180.80.

Among the 30-share Sensex blue-chip pack, JSW Steel, Tata Steel, IndusInd Bank, Bajaj Finserv, Axis Bank, Larsen & Toubro, ITC and Mahindra & Mahindra were the biggest laggards.

Bharti Airtel and Hindustan Unilever were the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,560.01 crore on Thursday, according to exchange data.

Retail inflation declined in November to 5.48 per cent and came within the Reserve Bank’s comfort zone mainly due to easing food prices, creating headroom for a rate cut at the central bank’s rate-setting panel meeting under new Governor Sanjay Malhotra in February.

The Consumer Price Index (CPI) based headline inflation was at 6.21 per cent in October and 5.55 per cent in November 2023.

India’s industrial production (IIP) growth slowed to 3.5 per cent year-on-year in October 2024, mainly due to poor performance of mining, power and manufacturing, as per official data released on Thursday.

“In the near-term the market has a headwind and a tailwind. The headwind is the resumption of selling by the FIIs who sold stocks for Rs 3,560 crore yesterday. Given the high valuations in India, FIIs are likely to sell more at every market rise.

“The tailwind which can support the market is the declining inflation,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Tokyo, Shanghai and Hong Kong were trading lower while Seoul quoted higher.

Wall Street ended in negative territory on Thursday.

“The Federal Reserve’s upcoming interest rate decision on December 18 has added to market uncertainty. FIIs sold heavily, dampening market sentiment further,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Global oil benchmark Brent crude dipped 0.03 per cent to USD 73.39 a barrel.

The 30-share BSE benchmark declined 236.18 points or 0.29 per cent to settle at 81,289.96 on Thursday. The Nifty dropped 93.10 points or 0.38 per cent to 24,548.70.(PTI)

Hot this week

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

The Baghmara connection to Meghalaya’s political history

Tura, Aug 17: For many in the state, Baghmara...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Road safety awareness campaign launched in city

Shillong, Jan 18: As part of National Road Safety...

Manipur NPP chief N Kayisii passes away

Shillong/Imphal, Jan 18: Former Manipur minister and National People's...

Decomposed body of unidentified man recovered in North Garo Hills

Tura, Jan 18: North Garo Hills police have recovered...

Record 10,000+ Asian water birds spotted in Pobitora Wildlife Sanctuary during annual census

Guwahati, Jan 18: Pobitora Wildlife Sanctuary has witnessed a...
spot_img

Related Articles

Popular Categories

spot_imgspot_img