Markets fall early, hit by Asia Outflows

On Wednesday (August 21,2024), the equity benchmark indices Sensex and Nifty declined in early trade due to continuous foreign fund outflows, weak trends from Asian markets, and selling in banking stocks. The 30- share BSE Sensex declined by 138.58 points or 0.17% to 80,664.28 in early trade. The NSE Nifty broke its four- day upward trend and slipped 15.20 points to 24,683.65.

Among the 30 Sensex firms, Ultra Tech Cement, Kotak Mahindra Bank, Tech Mahindra, ICICI Bank, HDFC Bank, Indusland Bank, Power Grid, and Axis Bank were the laggards. Among the Asian markets, Tokyo Shanghai, Hongkong, and Seoul were trading lower on Wednesday (August 21,2024), And the US markets also settled lower on Tuesday (August 20,2024). 

According to exchange data, Foreign Institutional Investors (FIIs) turned sellers again on Tuesday offloading equities worth ₹1,457.96 crore. The trend of FII selling and DII buying continues. However, the fall in the dollar index has the potential to halt the trend of FII outflows. Vijay Kumar Chief Investment Strategist at Geojit Financial Services, Said : but  significant FII investment will only occur if Indian valuations correct, which seems unlikely in the current context of sustained domestic inflows.Despite high valuations, the overall sentiment of the market remains bullish. The global oil benchmark Brent Crude declined by 0.11 percent to USD 77.09 per barrel. 

The 30- share BSE ( Bombay Stock Exchange Limited) Sensex rose by 378.18 points or 0.47 percent to settle at 80,802.86. Increasing for the fourth consecutive session, the NSE Nifty surged 126.20 points or 0.51 percent to 24,698.85.

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