Markets fall after a day’s breather on weak global market trends, foreign fund outflows

Mumbai, March 15

Equity benchmark indices declined nearly 1 per cent on Friday after a day’s breather amid weak global market trends and foreign fund outflows.

The 30-share BSE Sensex declined 453.85 points or 0.62 per cent to settle at 72,643.43 after a weak beginning. During the day, the benchmark tanked 612.46 points or 0.83 per cent to 72,484.82.

The NSE Nifty dropped 123.30 points or 0.56 per cent to 22,023.35.

From the Sensex basket, Mahindra & Mahindra, Tata Motors, NTPC, HCL Technologies, Larsen & Toubro, Infosys, Tech Mahindra and State Bank of India were the major laggards.

Bharti Airtel, Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and IndusInd Bank were among the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower, while Shanghai ended in the green.

European markets were trading with marginal gains. The US markets ended in the negative territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,356.29 crore on Thursday, according to exchange data.

In the broader market, the BSE midcap gauge slipped 0.51 per cent while the smallcap index went up by 0.25 per cent.

“Cautiousness towards mid & smallcaps continued to drag market sentiment, dampening the broader market. However, the moderation in global commodity prices and the upward revision of India’s GDP for FY25 are poised to highlight robust domestic demand, potentially supporting a rebound once the broader market attains stability,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude dipped 0.68 per cent to USD 84.84 a barrel.

The BSE benchmark climbed 335.39 points or 0.46 per cent to settle at 73,097.28 on Thursday. The NSE Nifty gained 148.95 points or 0.68 per cent to 22,146.65.