FII buying seen in early December is now reversing, with FII outflows reaching Rs 12,229 crore
Reportedly the BSE Sensex extended its losses on friday, declining by 305 points to trade at 78,899 in early trading, while the Nifty slipped 80 points to 23,882. Amid the broader market weakness, IT stocks earlier emerged as the bright spot, buoyed by Accenture’s robust quarterly earnings, but later succumbed to the market pressure. However, the markets saw a sharp brief recovery at around 9:45 am before hitting the day’s low levels.Perhaps of the 30 Sensex components, 25 were trading in the red. The biggest laggards included Axis Bank, Tech Mahindra, UltraTech Cement, ITC, and JSW Steel, which dropped by up to 2.40%. On the upside, Titan, NTPC, Bharti Airtel, Bajaj Finance, TCS, and Infosys were the gainers, rising as much as 0.93%. The IT and chemicals sectors stood out as the leading performers in Friday’s session. FIIs also continue to sell equities in the indian market. On Thursday, FII had pulled out Rs 4,224.92 crore from the indian equities, while DII had pumped in Rs 3,943.24 crore.
Moreover Asia and Pacific markets opened mixed on friday as investors digested Japan’s inflation figures and awaited China’s upcoming interest rate decision. Early indicators from gift Nifty pointed to a negative start for indian markets. In the US, major indices closed nearly flat on Thursday. The Dow managed a marginal gain, breaking its ten-session losing streak, while the S&P 500 and Nasdaq edged down by approximately 0.1%.