Indian Equities Dip on Global Trends, Rising Oil Prices, and Foreign Fund Outflows

20 Oct 2023 , 01:39 PM

Equity benchmark indices declined on Friday, influenced by weak global market trends and rising crude oil prices, along with foreign fund outflows. At the time of writing Sensex was trading at Rs 65,368, a 0.40% dip from the previous day’s close. At the same time, Nifty Was trading at Rs 19,536 which is a 0.44% dip from the previous day’s close. 

Hindustan Unilever’s stock traded over 1% lower after reporting a marginal decline in consolidated net profit for the second quarter due to subdued rural demand and increased competitive intensity.

Other major laggards among the Sensex firms included HCL Technologies, ITC, Power Grid, Bajaj Finance, UltraTech Cement, and Asian Paints. Gainers included Nestle, Tata Motors, Kotak Mahindra Bank, and IndusInd Bank. Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong traded in the negative territory.

Global oil benchmark Brent crude increased by 0.90% to USD 93.21 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,093.47 crore on Thursday. On Thursday, the BSE benchmark fell 247.78 points to settle at 65,629.24, and the Nifty declined by 46.40 points to 19,624.70.

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