Equity benchmarks declined in initial trade on Wednesday amid unabated foreign fund outflows and a weak trend in index heavyweight Reliance Industries.
Continuing its previous day decline, the 30-share BSE Sensex fell 309.7 points to 59,805.78 in initial trade. The broader NSE Nifty dipped 89.8 points to 17,824.35.
From the Sensex pack, Bharti Airtel, Mahindra & Mahindra, Hindustan Unilever, Axis Bank, Bajaj Finserv, Reliance Industries, HDFC and IndusInd Bank were the major laggards.
Tata Motors, HCL Technologies, Tata Consultancy Services, Infosys, UltraTech Cement and ICICI Bank were among the winners.
“The biggest drag on the market in the near-term is the sustained selling by FIIs for 13 continuous sessions, which has taken the cumulative cash market selling to Rs 16,587 crore,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs…
