Stock Markets Fall; Sensex Dives 556 Points

Mumbai, Sep 25 (PTI) Stock markets closed with losses for the fifth consecutive day on Thursday, with the Sensex tumbling 555.95 points due to relentless foreign fund outflows and concerns over the US H-1B visa fee, making investors jittery.

The 30-share BSE Sensex tanked 555.95 points or 0.68 per cent to settle at 81,159.68. During the day, it dropped 622.74 points or 0.76 per cent to 81,092.89.

The 50-share NSE Nifty tumbled 166.05 points or 0.66 per cent to 24,890.85.

A weak trend in global peers also hit the investor sentiment, analysts said.

Among Sensex firms, Trent, Power Grid, Tata Motors, Tata Consultancy Services, Asian Paints, NTPC, Adani Ports and Bajaj Finance were the laggards.

However, Bharat Electronics, Axis Bank and Bharti Airtel were the major gainers.

"The Nifty slipped below the psychological 25,000 mark today, deepening its bearish streak as a host of global and domestic headwinds rattled investor confidence. Persistent FII outflows, a record-weak rupee, and renewed worries over the US H-1B visa fee hike—seen as a drag on Indian IT earnings—have all combined to sour sentiment," Hariprasad K, Research Analyst and Founder - Livelong Wealth, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,425.75 crore on Wednesday, according to exchange data.

In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower while Japan's Nikkei 225 index ended in positive territory.

Markets in Europe were trading lower. US markets ended lower on Wednesday.

Global oil benchmark Brent crude declined 0.55 per cent to USD 68.93 a barrel.

The rupee rebounded from the lifetime-low levels to close at 88.68 (provisional) against the US dollar, up by 7 paise over the previous close.

On Wednesday, the Sensex dropped 386.47 points or 0.47 per cent to end at 81,715.63. The Nifty declined 112.60 points or 0.45 per cent to 25,056.90.