Equity benchmark indices continued their downward trend for the fifth consecutive session on Thursday, weighed down by sustained foreign investor selling and concerns over increased US visa fees. Weak global market trends also contributed to the negative sentiment.
By 12:50 p.m., the Sensex had dropped 295.95 points (0.36%) to 81,419.68, while the Nifty fell 82.25 points (0.33%) to 24,974.65. Major laggards included Tata Motors, Trent, Asian Paints, Dr. Reddy’s Laboratories, and Titan, all falling by up to 3%.
Three key factors drove the decline. Firstly, persistent FII outflows remained a significant pressure point, with foreign investors selling equities worth ₹2,425.75 crore on Wednesday, following ₹3,551.19 crore on Tuesday. Despite strong domestic fundamentals, FII activity has dragged markets lower.
Secondly, the IT sector remained under pressure, falling 0.2%, extending losses to 5.13% since September 19, due to a new ₹88 lakh H-1B visa fee introduced by the US.
Lastly, weak global cues, especially from Asian and US markets, added to investor concerns. Technically, Nifty struggles below 25,330, with support around 24,800.
