Markets tumble amid foreign fund outflows, caution ahead of earnings season

Mumbai: Benchmark equity indices Sensex and Nifty fell sharply during the afternoon trade on Monday amid fresh foreign fund outflows and caution ahead of the earnings season beginning this week.

Weak trends from Asian peers also dragged the markets lower.

The 30-share BSE benchmark Sensex tanked 1,263.16 points to 77,959.95 during the afternoon trade. The NSE Nifty slumped 403.25 points to 23,601.50.

From the 30-share blue-chip pack, Tata Steel, Kotak Mahindra Bank, Power Grid, IndusInd Bank, Asian Paints, Zomato and NTPC were among the biggest laggards.

Titan and Bajaj Finance were the only gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,227.25 crore on Friday after a day's breather, according to exchange data.

In Asian markets, Seoul traded higher while Tokyo, Shanghai and Hong Kong quoted lower.

US markets ended in positive territory on Friday.

Global oil benchmark Brent crude dipped 0.37 per cent to $76.23 a barrel.

The BSE benchmark tumbled 720.60 points or 0.90 per cent to close at 79,223.11 on Friday. The Nifty tanked 183.90 points or 0.76 per cent to 24,004.75.