MUMBAI, Feb 11: Benchmark stock market indices Sensex and Nifty fell by more than 1 percent on Tuesday due to ongoing foreign fund outflows and newly imposed US tariffs that reignited fears of a trade conflict.
For the fifth consecutive day, the 30-share BSE Sensex declined by 1,018.20 points or 1.32 percent, closing at a two-week low of 76,293.60. During intraday trading, it plummeted by 1,281.21 points or 1.65 percent, hitting 76,030.59.
The NSE Nifty fell by 309.80 points or 1.32 percent, settling at 23,071.80, with 44 of its members closing in the red and only six seeing gains.
Among the 30 shares in the Sensex, Zomato saw a drop of over 5 percent. The largest losers included Tata Steel, Bajaj Finserv, Tata Motors, Power Grid, Larsen & Toubro, Kotak Mahindra Bank, Hindustan Unilever, and ITC.
Bharti Airtel was the sole gainer among the Sensex stocks.
Over the last five days, the benchmark BSE index has plummeted by 2,290.21 points or 2.91 percent, while the Nifty dropped by 667.45 points or 2.81 percent.
Data from the exchange shows that Foreign Institutional Investors (FIIs) sold equities worth Rs 2,463.72 crore on Monday.
“The persistent uncertainty surrounding US trade policies and tariffs, combined with domestic economic growth apprehensions and consistent selling by FIIs, is negatively impacting market sentiment. Mid-cap and small-cap stocks faced significant downturns owing to worries over demand and higher valuations,” stated Vinod Nair, Head of Research at Geojit Financial Services.
The BSE smallcap index plunged by 3.40 percent, while the midcap index saw a decline of 2.88 percent.
In the Asian markets, Shanghai and Hong Kong closed lower, whereas Seoul ended on a positive note.
European markets were generally trading lower, in contrast to the US markets, which finished positively on Monday.
The global oil benchmark Brent crude increased by 1.15 percent, reaching USD 76.74 a barrel.
On Monday, the Sensex dipped by 548.39 points or 0.70 percent, concluding at a week’s low of 77,311.80. Meanwhile, the Nifty fell by 178.35 points or 0.76 percent to close at 23,381.60. (PTI)
