Equity Benchmarks Decline Amid Weak Global Trends and Foreign Fund Outflows

4 Oct 2023 , 01:33 PM

Equity benchmark indices continue to decline on Wednesday due to weak global market trends and continuous foreign fund outflows. At the time of writing Sensex was trading at Rs 64,955 Which is  0.85% drop. Whereas Nifty was trading at Rs 19,356 which is a 0.88% decrease than the previous day’s close.

Major laggards among Sensex firms include NTPC, Axis Bank, IndusInd Bank, Maruti, UltraTech Cement, ICICI Bank, Tata Steel, and Bajaj Finserv. Gainers among Sensex firms include Nestle, Hindustan Unilever, HDFC Bank, and Asian Paints.

Asian markets like Seoul, Tokyo, and Hong Kong are trading lower, while Shanghai is in positive territory. US markets saw a 1% fall on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,034.14 crore on Tuesday. Global oil benchmark Brent crude declined by 0.10% to USD 90.83 a barrel.

On the positive side, attractive valuations in certain segments may drive DIIs (Domestic Institutional Investors) and retail investors to buy stocks in those segments. On the previous day, BSE benchmark declined by 316.31 points or 0.48%, and Nifty fell by 109.55 points or 0.56%.

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