Sensex, Nifty fall again: RIL, ICICI Bank leadership resigns: Rediff Moneynews

Mumbai, Nov 8 (PTI) Stock markets closed lower for the second straight day on Friday amid relentless foreign fund outflows and losses in blue chip stocks Reliance Industries, ICICI Bank and State Bank of India.

The benchmark BSE Sensex was down 55.47 points or 0.07 percent to close at 79,486.32. On the day, it fell 424.42 points, or 0.53 percent, to 79,117.37.

The NSE Nifty index was down 51.15 points, or 0.21 percent, at 24,148.20.

Of the 30-share Sensex pack, Asian Paints, Tata Steel, State Bank of India, Reliance Industries, NTPC, Tata Motors, ICICI Bank and IndusInd Bank were the biggest laggards.

The winners included Mahindra & Mahindra, Titan, Tech Mahindra, Infosys, Nestle and Hindustan Unilever.

Foreign institutional investors (FIIs) sold shares worth Rs 4,888.77 crore on Thursday, exchange data showed.

“Consolidation continued in the market as investors remained cautious due to earnings disappointment and FII exodus. The US Federal Reserve has continued its cycle of rate cuts to stimulate the economy,” said Vinod Nair, head of research at Geojit Financial Services.

After reversing nearly 700 points in early trading, the markets subsequently moved range-bound and ended marginally lower due to selective selling in banking, telecom, metals, oil and gas and real estate stocks, Prashant Tapse, Senior Vice President, Research, Mehta Equities Ltd. , said.

“Despite the recovery in global indices, Indian markets continue to bear the brunt of FII fund outflows. The US Fed rate cut has not enthused local investors as the tone remains cautious with a negative slant,” Tapse said.

The BSE small-cap index fell 1.52 percent and the mid-cap index fell 1.18 percent.

Among the sectoral indices, real estate lost 2.98 percent, energy (2.10 percent), oil and gas (2.08 percent), utilities (1.59 percent), energy (1.51 percent), commodities (1. 30 percent) and metallurgy (1.05 percent). percent).

The winners were IT, automotive, consumer durables and appliances.

For the week, the BSE index was down 237.8 points or 0.29 percent, while the Nifty index was down 156.15 points or 0.64 percent.

In Asian markets, Seoul, Shanghai and Hong Kong closed lower, while Tokyo closed in positive territory. European markets were trading lower. Wall Street ended Thursday’s trading mostly higher.

Global benchmark Brent crude fell 1.28 percent to $74.66 a barrel.

On Thursday, the BSE index fell 836.34 points or 1.04 percent to settle at 79,541.79. Nifty lost 284.70 points or 1.16 percent to finish at 24,199.35.