Early trading sees market declines due to unfavorable global trends and withdrawals of foreign funds
On Thursday, benchmark stock indexes fell for the second day in a row as a result of negative global market trends and ongoing outflows of foreign funds.
Following the recent market rise that broke all previous records, investors also decided to take profits.
The 30-share BSE Sensex dropped to 69,920.39, a loss of 585.92 points. The Nifty dropped to 20,976.80, a loss of 173.35 points.
On Wednesday, both of the benchmark indexes reached all-time highs during intraday trading.
Axis Bank, Larsen & Toubro, ICICI Bank, Tech Mahindra, IndusInd Bank, JSW Steel, Mahindra & Mahindra, and ITC were the leading laggards amongst the Sensex companies.
The winners were Nestle, Power Grid, Reliance Industries, and HDFC Bank.
Shanghai had positive trading while Seoul, Tokyo, and Hong Kong saw decreased trading in Asian markets.
US stock markets had a decrease on Wednesday.
The benchmark for global oil, Brent crude, fell 0.38 percent to USD 79.38 a barrel.
Based on exchange statistics, foreign institutional investors (FIIs) sold off stocks worth Rs 1,322.08 crore on Wednesday.
On Wednesday, the BSE benchmark fell 930.88 points, or 1.30 percent, to end at 70,506.31.
To reach 21,150.15, the Nifty dropped 302.95 points, or 1.41 percent.
