Huge FII selloff, negative sentiments in global markets batter equity markets

Equity benchmark Sensex plummeted 889 points on Friday, weighed by an across-the-board selloff amid a negative trend in global markets and relentless foreign fund outflows. The 30-share index ended 889.40 points or 1.54 per cent lower at 57,011.74. Similarly, the NSE Nifty plunged by 263.20 points or 1.53 per cent to 16,985.20. IndusInd Bank was the top loser in the Sensex pack, shedding around 5 per cent, followed by Kotak Bank, HUL, Titan, Bajaj Finserv and HDFC. 

On the other hand, Infosys, HCL Tech, PowerGrid and TCS were among the gainers. “Indices succumbed to the relentless FII selling this month as the Nifty skid below 17K with the IT Index being the only exception,” said S Ranganathan, the head of research of LKP Securities. 

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with losses, while Seoul was positive. Similarly, stock exchanges in Europe were also largely trading in the red in mid-session deals. Meanwhile, international oil benchmark Brent crude fell by 1.48 per cent to $73.91 per barrel. 

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