Equity Indices Decline on Weak Global Cues and Foreign Fund Outflows

27 Sep 2023 , 01:36 PM

In today’s trading session, the Benchmark equity indices witnessed a decline on Wednesday due to weak trends in US markets and continuous foreign fund outflows. At the time of writing the Sensex was trading at Rs 66,118 (0.26%), whereas the Nifty was trading at Rs 19,712 (0.24%).

Major laggards among Sensex firms include Bajaj Finance, Tech Mahindra, Tata Steel, HDFC Bank, Titan, and ICICI Bank. Gainers among Sensex firms are Sun Pharma, IndusInd Bank, Larsen & Toubro, and UltraTech Cement.

Asian markets depict a mixed trend with Seoul and Tokyo trading negatively, while Shanghai and Hong Kong show positive quotes. US markets closed lower on Tuesday, contributing to the negative sentiment in global markets. Global oil benchmark Brent crude registers a 0.99% increase, reaching USD 94.89 per barrel.

Foreign fund outflows remain a significant concern this month, impacting the market, along with rising global oil prices and apprehensions about future rate hikes, as stated by Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.  Exchange data reveals Foreign Institutional Investors (FIIs) offloaded equities worth Rs 693.47 crore on Tuesday.

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