New Delhi: The share market plummeted in early trade on Monday, while Sensex crashed over 1,000 points, Nifty was below the 24,000 mark at 10:50 am.
Reliance Industries, Sun Pharma, Infosys, Tata Motors and Infosys were among the major laggards in the Sensex pack, while Mahindra & Mahindra, Tech Mahindra and HCL Technologies were the gainers, NDTV reported.
Foreign Institutional Investors (FIIs) offloaded equities worth over 90,000 crore in October, making it the worst month in terms of outflows. Exchange data showed foreign investors sold Rs 211.93 crore worth of equities last Friday, according to the report.
Foreign Portfolio Investors (FPIs) sold equities worth a record-breaking Rs 1,13,858 crore in October, the highest monthly outflow on record, contributing significantly to the market’s recent downturn, India Today reported.
“The Indian market is facing headwinds from decelerating earnings growth. Nifty’s FY25 EPS growth, as indicated by Q2 results, may dip below 10%, making current valuations of 24 times estimated FY25 earnings difficult to sustain. FPIs may continue to sell in this difficult earnings growth environment, limiting any market rally,” Dr V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services was quoted as saying.
Global factors, particularly the US presidential election, have added to the volatility. Markets worldwide are on edge, with uncertainties surrounding the election outcome. Analysts suggest that a Trump win could trigger a temporary rally, though its sustainability remains uncertain, while a Democratic victory could lead to further near-term market corrections, according to the report.
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