Equity Benchmarks Dip on Global Cues

20 Sep 2023 , 02:22 PM

Equity benchmark indices decline in early trade, following weak global market trends in anticipation of the US Federal Reserve’s interest rate decision. Major factors contributing to the bearish trend include foreign fund outflows and a downturn in HDFC Bank’s performance.

HDFC Bank sees the most significant drop, plummeting over 3%, impacting the Sensex firms negatively. Other major laggards include Reliance Industries, Bharti Airtel, Maruti, Titan, and Hindustan Unilever on the index.

On the positive side, NTPC, IndusInd Bank, Axis Bank, and Mahindra & Mahindra are among the gainers. Asian markets including Seoul, Tokyo, Shanghai, and Hong Kong trade lower, following the negative closure of US markets on Tuesday.

Global oil benchmark Brent crude witnesses a 0.99% decline, reaching USD 93.41 per barrel. Foreign Institutional Investors (FIIs) have offloaded equities worth Rs 1,236.51 crore on Monday, based on exchange data.

The equity markets were closed on Tuesday due to Ganesh Chaturthi. 

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