Global Concerns and Foreign Outflows Dent Indian Equity Markets

7 Sep 2023 , 01:54 PM

Domestic equity benchmark indices in India experienced a shaky start due to weak global markets and significant foreign fund outflows. At the time of writing Sensex was trading at 65,980 which is a 0.15% hike from th previous day’s close. Whereas Nifty is trading at Rs 19,644 which is a 1.17% increase than the previous day’s close.

Major laggards among the Sensex pack included Mahindra & Mahindra, Bajaj Finance, Nestle, UltraTech Cement, JSW Steel, Hindustan Unilever, Infosys, and Power Grid. Conversely, Maruti, State Bank of India, Larsen & Toubro, and Bharti Airtel were among the gainers, offering a glimmer of optimism.

In Asian markets, key exchanges such as Seoul, Tokyo, Shanghai, and Hong Kong also traded lower. The US markets had a negative closing on Wednesday, contributing to the global uncertainty.

Brent crude, the global oil benchmark, experienced a 0.19 % decline, settling at USD 90.43 per barrel, raising concerns about India’s economic indicators and inflation. Foreign Institutional Investors (FIIs) sold equities worth Rs 3,245.86 crore on Wednesday, amplifying concerns in the global investment community.

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