Equities plunge on fund outflows; realty stocks sink

MUMBAI: Heavy foreign fund outflows along with bearish global cues and profit booking plunged India's key equity indices — S&P BSE Sensex and NSE Nifty50 — on Thursday.

Accordingly, both the key indices ended the day's trade nearly 2 per cent lower from their previous closing mark, respectively.

In the process, the Sensex plunged over a 1,000 points. It touched an intra-day low of 59,777.58 points.

Besides, Nifty fell the most in the last 6 months.

The FIIs sold Rs 3,818.51 crore on BSE, NSE & MSEI in the capital market segment.

Globally, Asian stocks fell on Thursday amid concerns that the recovery from the pandemic will be slow as elevated inflation forces tighter monetary policy.

However, European stocks were steady as investors weighed earnings reports to assess the strength of the economic recovery.

In terms of sectors, capital goods was the only sector that ended barely in the positive territory. Among losers — Realty, Power, Oil & Gas, Metals, Banks, Telecom and Consumer Durables lost the most.

Consequently, the 30-scrip sensitive index closed at 59,984.70 points, down 1,158.63 points or 1.89 per cent. The Sensex opened at 61,081 points from its previous close of 61,143.33 points.

Besides, the NSE Nifty50 ended the day's trade at 17,857.25 points, lower by 353.70 points or 1.94 per cent.

It opened at 18,187.65 points from its previous close of 18,210.95 points. "Indian markets were the worst performers in the Asian region. Morgan Stanley has downgraded Indian markets to equal weight," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"FPI unwinding has led to this fall and the adverse advance-decline ratio. The weakness in Nifty could continue but the pace of fall could now reduce." (IANS)

Also Read: Markets Updates: Sensex Falls Below 61k, Nifty Also Weakens

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