Benchmark fairness indices declined in early trade on Monday, August 14, 2023 falling for the third day working, amid weak global market trends and recent overseas fund outflows.
Caution additionally prevailed in the market forward of announcement of wholesale and retail inflation numbers for July later in the day.
The 30-share BSE Sensex fell 461.48 factors to 64,861.17. The NSE Nifty declined 154.1 factors to 19,274.20.
From the Sensex pack, Tata Motors, State Bank of India, JSW Steel, Bajaj Finance, Tata Steel, Bajaj Finserv, Tech Mahindra, Power Grid, Mahindra & Mahindra, Tata Consultancy Services, HCL Technologies and HDFC Bank have been the foremost laggards.
Sun Pharma and Nestle have been the gainers.
The US markets ended largely decrease on Friday.
Global oil benchmark, Brent crude, declined 0.85 per cent to $86.07 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities value ₹3,073.28 crore on Friday, in line with change information.
“The market construct has turned a bit negative. The spike in the dollar index to 103 and the US 10-year bond yield rising to 4.18 are negative for capital flows to emerging markets. The FPI sell figure of ₹3,073 crore last Friday is in tune with these negative trends,” stated V.Okay Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
