Volatile stock markets continued their downward journey on Wednesday with key indices plummeting by four per cent on weak global cues and capital outflows. The Sensex fell 1,203 points to 28,265.31 and the NSE Nifty Index lost 343.95 points to close at 8,253.80 in the selling avalanche.
Foreign investors pulled out Rs 61,973 crore from the equity market in March. With FPIs withdrawing another Rs 60,376 crore from the debt market, the total outflows were around Rs 1.2 lakh crore. “Today’s trade witnessed sustained selling across pivotal led primarily by technology and private sector banks as foreign wealth funds created cash by selling equities,’’ said S Ranganathan, Head of Research at LKP Securities.
The first day of the financial year started off on a negative note, impacted by the negative global markets and domestic uncertainties on banks’ stressed assets and auto numbers. “FPIs have net sold around Rs 62,000 crores in equity in March and with virus infections increasing, markets are anticipating a worsening of the situation,” said Vinod Nair, Head of research, Geojit Financial Services.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines