India News | Sensex Drops over 100 Pts; Nifty Slips Below 17,400

Mumbai, Nov 25 (PTI) Equity benchmark Sensex slipped over 100 points in early trade on Thursday, tracking losses in index majors ICICI Bank, HDFC twins and ITC amid persistent foreign fund outflows.

Despite starting slightly higher, the 30-share index turned red to trade 125.54 points or 0.22 per cent lower at 58,215.45. Similarly, the Nifty was trading 30.15 points or 0.17 per cent down at 17,384.90.

Also Read | Tripura Civic Polls 2021: Voting for Over 200 Seats For Municipal Corporation Election Underway.

ICICI bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by NTPC, Bajaj Finserv, HUL, Asian Paints, ITC and HDFC.

On the other hand, Tech Mahindra, Reliance Industries, Kotak Bank and Infosys were among the gainers.

Also Read | Delhi Air Pollution: Air Quality Slips Back to ‘Very Poor’ Category.

In the previous session, Sensex settled 323.34 points or 0.55 per cent lower at 58,340.99, and Nifty fell 88.30 points or 0.5 per cent to end at 17,415.05.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 5,122.65 crore on Wednesday, as per exchange data.

"In the bull-versus-bear fight going on in the market now, fodder for bears is the sustained selling by FIIs who have sold equity worth around Rs 18,000 crore during the last six days. This sustained selling is in sync with the view of most foreign brokerages that valuations are stretched," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The strategy of 'buy-on-dips' which worked well since April 2020, is not working now, he said, adding that valuations remain high even after this correction.

Elsewhere in Asia, bourses in Hong Kong and Tokyo were trading with gains in mid-session deals, while Shanghai and Seoul were negative.

Stock exchanges in the US largely ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude fell 0.01 per cent to USD 82.24 per barrel.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)