Markets halt 4-day rally on weak global trends

Equity benchmark indices began the trade on a bearish note on Thursday halting their four-day rally following weak global market trends and continuous foreign fund outflow.

The 30-share BSE Sensex declined 315.91 points to 58,791.28 in early trade. Similarly, the broader NSE Nifty fell 90.2 points to 17,422.05.

From the Sensex pack, IndusInd Bank, Titan, Mahindra & Mahindra, NTPC, ICICI Bank, HDFC Bank, HDFC and Maruti were the biggest laggards in early trade.

Nestle, Reliance Industries, ITC and Hindustan Unilever were among the winners.

Among other Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

Wall Street ended in the negative territory on Wednesday.

The BSE benchmark climbed 146.59 points or 0.25 per cent to settle at 59,107.19 on Wednesday. The Nifty advanced 25.30 points or 0.14 per cent to end at 17,512.25.

International oil benchmark Brent crude was trading 0.17 per cent lower at $92.25 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 453.91 crore, as per exchange data.