Stock Markets Fall: Global Trends Drag Down Sensex, Nifty

Mumbai, Nov 21 (PTI) Benchmark indices Sensex and Nifty declined in early trade on Friday after a two-day rally dragged by weak global market trends.

The 30-share BSE Sensex declined 285.28 points to 85,347.40 in opening trade. The 50-share NSE Nifty dipped 82.6 points to 26,109.55.

From the Sensex firms, ICICI Bank, Eternal, Adani Ports, Tata Steel, and Power Grid were among the major laggards.

However, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Titan, and Asian Paints were among the gainers.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading lower. Kospi traded over 3 per cent lower while Nikkei 225 index dropped more than 2 per cent.


US markets ended in negative territory on Thursday. The Nasdaq Composite tanked 2.15 per cent, S&P 500 declined 1.56 per cent, and Dow Jones Industrial Average fell 0.84 per cent.

"Market volatility has spiked. Nasdaq, the barometer of the AI trade, closed down 2.15 per cent yesterday crashing 4.4 per cent from the intra-day peak. This kind of market movement is a signal of more volatility in store," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

Foreign institutional investors (FIIs) bought equities worth Rs 283.65 crore on Thursday, according to exchange data. Domestic institutional investors (DIIs) also bought stocks worth Rs 824.46 crore.

Brent crude, the global oil benchmark, dropped 1.26 per cent to USD 62.58 per barrel.

On Thursday, the Sensex jumped 446.21 points, or 0.52 per cent, to settle at 85,632.68. During the day, it surged 615.23 points, or 0.72 per cent, to hit a 52-week high of 85,801.70.

The Nifty also hit its 52-week high of 26,246.65 during the day before closing at 26,192.15, reflecting a gain of 139.50 points, or 0.54 per cent.