Sensex, Nifty tumble on weak global cues, foreign fund outflows

Domestic equity benchmark indices fell in initial trade on Thursday tracking weak global markets and foreign fund outflows.

After a weak beginning, the BSE Sensex further fell by 187.11 points to 65,693.41. The Nifty declined 55.35 points to 19,555.70.

From the Sensex pack, Mahindra & Mahindra, Bajaj Finance, Nestle, UltraTech Cement, JSW Steel, Hindustan Unilever, Infosys and Power Grid were the major laggards.

Maruti, State Bank of India, Larsen & Toubro and Bharti Airtel were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The US markets ended in the negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.19 per cent to $90.43 a barrel.

“A major concern in the market is the Brent crude rising above $90 with negative implications for India’s macros and inflation,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,245.86 crore on Wednesday, according to exchange data.

Fag-end buying helped the BSE benchmark climb 100.26 points or 0.15 per cent to settle at 65,880.52 on Wednesday. The Nifty advanced 36.15 points or 0.18 per cent to end at 19,611.05.