Sensex, Nifty decline in early trade as FPIs selling spree, IT stocks dampen market sentiment

Equity benchmark indices declined in early trade on Monday, owing to relentless foreign fund outflows, selling in IT stocks and weak leads from the US markets.

The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early trade. The NSE Nifty dipped 64.25 points to 23,468.45.

From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the major laggards.

HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,849.87 crore on Thursday, according to exchange data.

In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.