Highlight
- Nifty closed 161.3 points lower at 17,716.10.
- Asian markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
- Foreign institutional investors offloaded shares worth Rs 1,270.68 crore from the domestic market.
The benchmark indices started trading on a weak note on Friday with the Sensex falling over 500 points in early trade amid weak global market trend. Foreign fund outflows and fears of a slowdown in the global economy weighed on investor sentiment. The 30-share BSE benchmark ended 538.2 points lower at 59,395.81 in early trade. Nifty closed 161.3 points lower at 17,716.10.
From the Sensex pack, Mahindra & Mahindra, Tech Mahindra, TCS, Wipro, HDFC, Infosys, Axis Bank, HCL Technologies and Power Grid were among the laggards. IndusInd Bank, Bajaj Finance, Sun Pharma and Asian Paints were among the early gainers. Asian markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower. On Thursday, the US markets closed with a fall.
“Markets are starting to show some signs of fatigue. Globally, the major concern now is that the Fed could overstretch the economy and raise rates too quickly, pushing the US economy into a sharp recession, said VK Vijayakumar, head investment strategist at Geojit Financial Services. He said rising rates, bond yields and the dollar are negative for equities.
“In this challenging environment, it will be difficult for India to break away from the global trend which has been a recent pattern in India. Further, FIIs have stopped their continued buying and turned sellers, although this is yet a trend. Not there.” Vijaykumar said. The BSE benchmark closed at 59,934.01 on Thursday, down 412.96 points or 0.68 per cent. The Nifty closed at 17,877.40, down 126.35 points or 0.7 per cent.
Meanwhile, international oil benchmark Brent crude climbed 0.18 per cent to $91 a barrel. According to data available with the BSE, foreign institutional investors offloaded shares worth Rs 1,270.68 crore from the domestic market on Thursday.
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