Indian Stock Market Declines as FII Selling Persists
Sensex falls over 300 points, Nifty below 23,350 amid persistent FII selling
Image: The Economic Times
The Indian stock market opened lower on Thursday, with the Sensex dropping over 300 points and Nifty below 23,350 due to ongoing foreign institutional investor (FII) selling and geopolitical uncertainties. Analysts suggest caution amidst market volatility, while the rupee slightly appreciated against the US dollar.
- 01Sensex fell over 300 points, trading below 74,100, while Nifty dropped over 50 points to below 23,350.
- 02The India VIX, indicating market volatility, increased by 6% to 16.28.
- 03Top losers included shares from Infosys, ICICI Bank, and Reliance Industries, each declining by up to 1%.
- 04Analysts highlight stronger headwinds than tailwinds for the market, particularly due to ongoing geopolitical tensions in West Asia.
- 05The Indian rupee appreciated by 7 paise to 95.69 against the US dollar amidst cautious market sentiment.
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On Thursday, the Indian stock market opened in negative territory, with the Sensex declining over 300 points to trade below the 74,100 mark, and Nifty falling over 50 points to below 23,350. This downturn is attributed to persistent foreign institutional investor (FII) selling and increased geopolitical tensions, particularly in West Asia. The India VIX, which measures market volatility, rose by 6% to 16.28. Major stocks such as Infosys, ICICI Bank, and Reliance Industries were among the top losers, each experiencing declines of up to 1%. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that the market faces more headwinds than tailwinds, emphasizing that the ongoing uncertainty in the region is a significant factor hindering market recovery. In currency news, the Indian rupee gained 7 paise to reach 95.69 against the US dollar, although concerns over high oil prices continue to affect market sentiment. Investors are advised to adopt a cautious approach in this volatile environment.
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The decline in the stock market may affect investor confidence and trading strategies, particularly for those heavily invested in the affected sectors.
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