Indian stock markets saw a further significant decline with benchmark indices Sensex and Nifty continuing their downfall for the third successive day on Thursday. The fall was seen with continuous foreign fund outflows. The BSE Sensex had declined 494.75 points, or 0.61%, to close at 81,006.61. It even during the day sank 595.72 points. The NSE Nifty also was badly hit and fell 221.45 points, or 0.89% and end at 24,749.85.
Nestle was the biggest loser in the market.
Out of the 30 Sensex-listed firms, Nestle saw an sharp plunge of over 3 percent after the company had declared a modest decline in net profit for the second quarter of 2024. Decline in consumer demand for some of the major products and rise in commodity price had marked a downward trend in profit-making. Other major companies like Mahindra & Mahindra, Titan, Bajaj Finserv, and Tata Steel also reported losses.
Gainers: Tech Mahindra, Infosys, and SBI
Even though the broad market has declined, some stocks have still enjoyed positive gains. Tech Mahindra, Infosys, Power Grid, and SBI are showing huge growth, slightly mitigating the fall of the broader market.
Foreign Investors and Global Trends
Foreign Institutional Investors sold shares worth ₹3,435.94 crore on Wednesday, giving another beating to the market. Asian markets comprising Seoul, Tokyo, and Shanghai also met with a bad time whereas European markets traded in the green in the afternoon. On the global oil front, Brent crude prices increased 0.27% to $74.42 a barrel.
Inputs by Agencies
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