Indian Equity Indices Decline Amid Foreign Fund Outflows

1 Nov 2023 , 01:37 PM

Equity benchmark indices experienced a decline in early trade on Wednesday, primarily driven by weakness in banking, financial, and metal stocks. Foreign fund outflows remained significant, leading to a cautious stance among investors awaiting the US Federal Reserve’s interest rate decision.

As of the time of writing, the Sensex was trading at Rs 63,664, marking a 0.33% decrease from the previous day’s close. Similarly, the Nifty was trading at Rs 19,014, reflecting a 0.34% dip from the previous day’s close.

Major laggards among Sensex firms included JSW Steel, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank, Asian Paints, Tata Steel, Power Grid, and Nestle.

Notable gainers on the Sensex included Mahindra & Mahindra, Wipro, HCL Technologies, Bajaj Finserv, and Tata Motors.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in positive territory. On the previous trading day, the US markets closed with gains. The global oil benchmark, Brent crude, saw a slight dip of 0.05% to reach USD 87.41 per barrel.

Foreign Institutional Investors (FIIs) were net sellers of equities worth Rs 696.02 crore on the preceding day, as per exchange data.

In the prior session, the BSE benchmark had declined by 237.72 points or 0.37% to close at 63,874.93, while the Nifty had dipped by 61.30 points or 0.32% to end at 19,079.60.

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