Sensex down 1000 pts on foreign fund outflows, India VIX up 6%.
Indian stocks plummeted 1.5% as foreign funds exited. Sensex, Nifty dropped; Larsen & Toubro down 5%. Rupee up 2 paise. Oil prices rise.
On Thursday (May 9), Indian stock market benchmarks Sensex and Nifty experienced a decline of approximately 1.5%, mainly due to substantial withdrawals by foreign investors.
The BSE Sensex concluded 1.46% lower, shedding 1,062.22 points to settle at 72,404.17, while the NSE Nifty 50 dipped by 1.55%, or 345.00 points, closing at 21,957.50.
Reflecting market sentiment and volatility, India VIX rose by 6.56% to 18.20. Notable decliners from the Sensex constituents included Larsen & Toubro, which plummeted over 5% following its March quarter earnings report. Other major underperformers encompassed IndusInd Bank, Tata Steel, NTPC, Asian Paints, JSW Steel, ITC, Bajaj Finance, Bajaj Finserv, HDFC Bank, Reliance Industries, and Power Grid.
On the flip side, SBI, Tata Motors, Mahindra & Mahindra, Infosys, and HCL Tech emerged as the gainers during the trading session. Data from exchanges indicated that Foreign Institutional Investors (FIIs) divested equities worth Rs 6,669.10 crore on Wednesday.
Meanwhile, Brent crude oil experienced a marginal increase of 0.48%, reaching $83.89 a barrel, while WTI hovered around $79 a barrel.
The Indian rupee exhibited minimal movement, marginally appreciating by 2 paise against the US dollar, closing at 83.50. This uptick was attributed to subdued domestic markets and the strength of the American currency. According to PTI, the substantial outflow of foreign funds significantly impacted investor sentiment in the forex market.
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