Indian Markets Fall: Telecom && Global Cues Drag Sensex, Nifty Down

Mumbai, Jan 27 (PTI) Equity benchmark indices, Sensex and Nifty, declined in early trade on Monday, dragged down by losses in Telecom and Industrials stocks amid muted global market trends.

Also, the continuous foreign fund outflows added to the markets' decline.

The 30-share BSE benchmark Sensex declined 343 points or 0.45 per cent to 75,847.46 in early trade. The NSE Nifty dropped 108.95 points or 0.47 per cent to 22,983.25.

From the 30-share Sensex pack, Zomato, HCL Technologies, PowerGrid, Tata Motors, Adani Ports, Reliance Industries, IndusInd Bank, Infosys, Tata Consultancy Services and HDFC Bank were the major laggards.

In Contrast, ICICI Bank, Hindustan Unilever, Larsen & Toubro, Nestle India, State Bank of India, ITC and Asian Paints were the gainers.

"This 6-day week is likely to be highly volatile with other major events like the Fed decision and the Budget in India. The market is looking forward to fiscal stimulus through income tax cuts in the Budget. If the expectations are met, there can be a relief rally in the market. But if a rally is to sustain, we need data indicating growth and earnings revival," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Shanghai and Hong Kong were trading in the green, while Seoul was quoting flat and Tokyo was trading in the red territory.

US markets ended lower on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,758.49 crore on Friday, according to exchange data.

Global oil benchmark Brent crude slipped 0.61 per cent to USD 78.02 a barrel.

On Friday, the 30-share BSE benchmark dropped 329.92 points to settle at 76,190.46. The Nifty declined 113.15 points to close at 23,092.20.