Sensex tumbles 533.50 pts dragged by foreign fund outflows, weak global trends

Benchmark Sensex tumbled 533.50 points and the broader Nifty declined to the 25,860 level on Tuesday as persistent foreign fund outflows, a weak rupee and sluggish global market trends dented investor sentiment.

The 30-share BSE Sensex tanked 533.50 points or 0.63 per cent to settle at 84,679.86. During the day, it dived 592.75 points or 0.69 per cent to 84,620.61.

The 50-share NSE Nifty dropped 167.20 points or 0.64 per cent to 25,860.10.

Among Sensex firms, Axis Bank tanked the most by 5.03 per cent. Eternal, HCL Tech, Bajaj Finserv, Tata Steel, UltraTech Cement and Bajaj Finance were also among the laggards.

However, Titan, Bharti Airtel, Mahindra & Mahindra and Asian Paints were among the gainers.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index, and Hong Kong’s Hang Seng index ended sharply lower.

European markets were trading on a mixed note. US markets ended in negative territory on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,468.32 crore on Monday, while domestic institutional investors (DIIs) bought stocks worth Rs 1,792.25 crore, according to exchange data.

“Continued INR weakness to fresh record lows, driven by persistent FII outflows and subdued global sentiments, dragged domestic markets into negative territory,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

Brent crude, the global oil benchmark, declined 1.54 per cent to USD 59.63 per barrel.

On Monday, the Sensex dipped 54.30 points or 0.06 per cent to settle at 85,213.36. The Nifty edged lower by 19.65 points or 0.08 per cent to 26,027.30.