Mumbai: Stock markets experienced losses for the fifth consecutive day on Thursday, with the Sensex declining by 555.95 points due to ongoing foreign fund outflows and worries regarding the US H-1B visa fee, leading to investor unease. The 30-share BSE Sensex fell by 555.95 points or 0.68 percent, closing at 81,159.68. At one point, it had dropped by 622.74 points or 0.76 percent to reach 81,092.89. The 50-share NSE Nifty decreased by 166.05 points or 0.66 percent, finishing at 24,890.85. Analysts noted that a weak trend among global peers also affected investor sentiment. Among the companies in the Sensex, Trent, Power Grid, Tata Motors, Tata Consultancy Services, Asian Paints, NTPC, Adani Ports, and Bajaj Finance saw declines.
In contrast, Bharat Electronics, Axis Bank, and Bharti Airtel emerged as the major gainers. “The Nifty fell below the key 25,000 level today, extending its bearish trend as various global and domestic challenges unsettled investor confidence. Continuous FII outflows, a record-low rupee, and renewed concerns regarding the US H-1B visa fee increase, perceived as a negative factor for Indian IT earnings, have all contributed to the negative sentiment,” stated Hariprasad K, Research Analyst and Founder of Livelong Wealth. Foreign Institutional Investors (FIIs) sold equities worth Rs 2,425.75 crore on Wednesday, according to exchange data.
“Indian markets continued their losing streak for the fifth session as investors took profits amid ongoing FII outflows and uncertainty regarding US-India trade negotiations, which are anticipated to impact Q2 GDP growth,” commented Vinod Nair, Head of Research at Geojit Investments Limited. The BSE smallcap index fell by 0.75 percent, while midcap stocks dropped by 0.72 percent. In sectoral indices, real estate decreased by 1.70 percent, followed by power at 1.38 percent, BSE Focused IT at 1.23 percent, utilities at 1.21 percent, consumer discretionary at 1.14 percent, IT at 1.10 percent, auto at 0.93 percent, and teck at 0.75 percent. The telecommunications and metal sectors were the only gainers.
On the BSE, 2,709 stocks declined, while 1,474 advanced, and 136 remained unchanged. Over the past five trading days, the BSE benchmark has fallen by 1,854.28 points or 2.23 percent, and the Nifty has decreased by 532.75 points or 2 percent. On Wednesday, the Sensex dropped by 386.47 points or 0.47 percent, closing at 81,715.63.