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“Despite high valuations, the market sentiment remains bullish,” said chief investment strategist at Geojit Financial Services. | Photo Credit: PTI
Equity benchmark indices Sensex and Nifty declined in early trade on Wednesday (August 21, 2024) amid persistent foreign fund outflows, weak trends from Asian markets and selling in banking stocks.
The 30-share BSE Sensex fell 138.58 points, or 0.17%, to 80,664.28 in early trade. The NSE Nifty snapped its four-day rally and fell 15.20 points to 24,683.65.
Among the 30 Sensex companies, UltraTech Cement, Kotak Mahindra Bank, Tech Mahindra, ICICI Bank, HDFC Bank, IndusInd Bank, Power Grid and Axis Bank were among the laggards.
Larsen & Toubro, Bharti Airtel, Nestle India, Hindustan Unilever, Bajaj Finserv and Adani Ports were among the gainers.
In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul were trading with losses on Wednesday (August 21, 2024).
The US markets closed lower on Tuesday (August 20, 2024).
According to exchange data, foreign institutional investors (FIIs) turned sellers again on Tuesday (August 20, 2024), as they sold equities worth ₹1,457.96 crore.
Domestic institutional investors (DIIs) bought shares worth ₹2,252.10 crore on Tuesday (August 20, 2024).
“The trend of FII selling and DII buying continues. However, a fall in the dollar index is likely to cap the FII outflow trend. But large FII inflows will happen only when Indian valuations correct, which appears unlikely in the current context of continued domestic outflows,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
“Despite high valuations, the market sentiment remains bullish,” Mr. Vijayakumar said.
Brent crude, the global oil benchmark, declined 0.11% to $77.09 per barrel.
The 30-share BSE Sensex closed 378.18 points, or 0.47%, higher at 80,802.86. The NSE Nifty rose 126.20 points, or 0.51%, to 24,698.85, registering a gain for the fourth consecutive trading session.
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