MUMBAI, Feb 27: Benchmark indices Sensex and Nifty tumbled over 1 per cent on Friday due to fresh foreign fund outflows and subdued global trends amid rising geopolitical risks.
The lack of progress in US–Iran nuclear talks has intensified concerns of further escalation of Middle East tensions, experts said.
The 30-share BSE Sensex tanked 961.42 points or 1.17 per cent to settle at 81,287.19. During the day, it dropped 1,089.46 points or 1.32 per cent to 81,159.15.
The 50-share NSE Nifty tumbled 317.90 points or 1.25 per cent to end at 25,178.65.
From the Sensex pack, Sun Pharma, Bharti Airtel, Bajaj Finserv, InterGlobe Aviation, Mahindra & Mahindra and Maruti were among the major laggards.
HCL Tech, Trent, Infosys and Eternal were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,465.99 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 5,031.57 crore.
“Indian markets continued to consolidate amid weak global cues and rising geopolitical risks, with investor sentiment turning increasingly cautious. The lack of progress in US–Iran nuclear talks has intensified concerns of further escalation of Middle East tensions, while persistent AI-related uncertainty is also supporting safe-haven flows.
“Domestically, a risk-off tone prevails as the earnings season winds down and global macro factors take precedence,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea’s Kospi fell by 1 per cent. Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended in positive territory.
Markets in Europe were trading on a mixed note.
The US market ended mostly lower on Thursday.
“Weak global cues and rising geopolitical uncertainty following inconclusive US–Iran talks weighed on investor confidence, triggering broad-based profit-booking across auto, FMCG and pharma stocks after recent advances. The absence of fresh domestic triggers further accelerated the downside momentum, especially during the final hour of trade,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
Brent Crude, the global oil benchmark, jumped 1.26 per cent to USD 71.64 per barrel.
On Thursday, the Sensex dipped marginally by 27.46 points, or 0.03 per cent, to settle at 82,248.61. The Nifty eked out a marginal gain of 14.05 points or 0.06 per cent to end at 25,496.55. (PTI)
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