MUMBAI: Benchmark indices Sensex and Nifty slipped for the second consecutive day on Thursday, weighed down by losses in IT stocks and continued foreign fund outflows, ahead of the Diwali festivities.
The BSE Sensex dropped 553.12 points or 0.69 per cent to settle at 79,389.06, after hitting an intraday low of 79,287.93, down by 654.25 points or 0.81 per cent. Meanwhile, the NSE Nifty declined 135.50 points or 0.56 per cent to 24,205.35.
Sensex pack
In the 30-share Sensex pack, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Asian Paints, Infosys, and Maruti Suzuki were the biggest losers. In contrast, Larsen & Toubro surged over 6 per cent after the company reported a 5 per cent increase in consolidated profit after tax to Rs3,395 crore in the September 2024 quarter, boosted by higher income.
Mahindra & Mahindra, Power Grid, JSW Steel, Kotak Mahindra Bank, HDFC Bank, and Sun Pharma also traded in positive territory.
FIIs
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, offloading shares worth Rs4,613.65 crore, according to exchange data.
The key benchmark indices traded with mild losses amid a broad sell-off in technology stocks, driven by weakness in US tech companies, which in turn cast a shadow over domestic IT performance.
“Investors remain cautious due to subdued Q2 earnings, though there’s an expectation of a recovery in the second half, bolstered by a rebound in core sector data and increased government spending. These factors are likely to shape the Samvat 2081 investment strategy,” said Vinod Nair, Head of Research at Geojit Financial Services.
