Markets decline after initial rally amid sharp fall in IndusInd Bank, unabated foreign fund outflow
Stock markets gave up early gains and were trading lower on Friday amid sharp fall in IndusInd Bank shares and relentless foreign fund outflows.
The BSE Sensex climbed 130.56 points to 80,195.72 in early trade. The NSE Nifty went up by 36.9 points to 24,436.30.
However, the selling pressure soon dragged both the indices down. The BSE benchmark traded 197.47 points lower at 79,875.03 and the Nifty quoted with a cut of 89.20 points at 24,310.20.
From the 30 Sensex pack, IndusInd Bank plunged 15 per cent after the firm reported a 40 per cent decline in September quarter net profit at Rs 1,331 crore, pulled down majorly by concerns on asset quality.
NTPC, Mahindra & Mahindra, Larsen & Toubro, Tata Steel, and JSW Steel were also among the laggards.
From the blue-chip pack, ITC jumped over 3 per cent after the diversified entity reported a 1.8 per cent increase in its consolidated net profit to Rs 5,054.43 crore in the second quarter ended September 2024. ITC’s revenue from operations jumped 15.62 per cent to Rs 22,281.89 crore during the July-September period.
Axis Bank, Asian Paints, HCL Technologies, ICICI Bank and Kotak Mahindra Bank were the other big gainers.
In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.
The US markets ended mostly higher on Thursday.
Foreign Institutional Investors offloaded equities worth Rs 5,062.45 crore on Thursday, according to exchange data, while Domestic Institutional Investors (DIIs) bought Rs 3,620.47 crore shares.
Global oil benchmark Brent crude climbed 0.24 per cent to USD 74.56 a barrel.
In an uninspiring trade, the BSE benchmark dipped 16.82 points or 0.02 per cent to settle at 80,065.16 on Thursday. The Nifty skidded 36.10 points or 0.15 per cent to 24,399.40 in a volatile trade.
