Sensex and Nifty extend losses amid inflation woes and FII selling pressure
Nov 14, 2024, 16:53 IST
The Indian equity markets faced a turbulent session on Thursday, marking the Sensex’s third consecutive day of losses. The BSE Sensex dipped by 110.64 points, or 0.14%, to close at 77,580.31, following an intraday drop of 266.14 points. The NSE Nifty also extended its losing streak to a sixth day, falling 26.35 points, or 0.11%, to settle at 23,532.70.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading shares worth ₹2,502.58 crore on Wednesday. Conversely, Domestic Institutional Investors (DIIs) showed buying interest, investing ₹6,145.24 crore, which helped prevent further losses. The session saw selling pressure in sectors like FMCG, oil & gas, and power, with key laggards including Hindustan Unilever, NTPC, and Nestle. Meanwhile, stocks in the realty, auto, and banking sectors saw selective buying, with gains led by Reliance Industries, Kotak Mahindra Bank, and HDFC Bank.
Analysts pointed to inflationary pressures as a significant factor affecting market sentiment. Wholesale price inflation rose to 2.36% in October, driven by higher food and manufacturing costs. Retail inflation also breached the Reserve Bank of India’s upper tolerance limit, reaching 6.21%, a 14-month high.
In global markets, Asian indices showed mixed performance, with Tokyo, Shanghai, and Hong Kong closing lower, while Seoul ended positively. European markets traded higher, and the U.S. market closed mixed on Wednesday.
(With inputs from agencies)
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Foreign Institutional Investors (FIIs) continued their selling spree, offloading shares worth ₹2,502.58 crore on Wednesday. Conversely, Domestic Institutional Investors (DIIs) showed buying interest, investing ₹6,145.24 crore, which helped prevent further losses. The session saw selling pressure in sectors like FMCG, oil & gas, and power, with key laggards including Hindustan Unilever, NTPC, and Nestle. Meanwhile, stocks in the realty, auto, and banking sectors saw selective buying, with gains led by Reliance Industries, Kotak Mahindra Bank, and HDFC Bank.
Analysts pointed to inflationary pressures as a significant factor affecting market sentiment. Wholesale price inflation rose to 2.36% in October, driven by higher food and manufacturing costs. Retail inflation also breached the Reserve Bank of India’s upper tolerance limit, reaching 6.21%, a 14-month high.
In global markets, Asian indices showed mixed performance, with Tokyo, Shanghai, and Hong Kong closing lower, while Seoul ended positively. European markets traded higher, and the U.S. market closed mixed on Wednesday.
(With inputs from agencies)