Markets decline in early trade amid unabated foreign fund outflows

November 11, 2024 10:26

Benchmark sensitive indices Sensex and Nifty fell in early trade on Monday as continuous foreign fund outflows, disappointing quarterly earnings and weak trends from Asian markets dented investors' sentiment. Forex traders said the volatility in the equity market is likely to continue as the short-term trend continues to be choppy, and this consolidation is likely to continue in the near-term with a weak bias.

The BSE benchmark Sensex fell by 484.98 points to 79,001.34 in early trade. The NSE Nifty declined 143.6 points to 24,004.60. From the 30-share Sensex pack, Asian Paints tumbled over 8 per cent after the company on Saturday reported a 43.71 per cent decline in consolidated net profit to Rs 693.66 crore for the September quarter, impacted by soft-demand conditions, material price inflation and a decline in decorative and coatings business in the domestic market.

Axis Bank, Adani Ports, Nestle, Reliance Industries, Tata Steel and IndusInd Bank were also among the laggards. However, Tata Motors, Power Grid, Maruti and HCL Technologies were among the gainers.

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