New Delhi: India’s benchmark stock market indices Sensex and Nifty retreated from an otherwise weak start on Tuesday as latest part of Haryana and  J&K election trend showed BJP bouncing back in both these battlefields. Eventually, Sensex closed 584 points lower at 81,634.81 levels. While, Nifty settled just above the 25,000 mark. Among the Sensex pack, stocks like Adani Ports, M&M, RIL, HDFC Bank, L&T, NTPC, SBI, Ultra Cement, Kotak Mahindra Bank, etc rallied. Mostly banking, IT and auto stocks  kept Sensex buoyant.

Among the National Stock Exchange’s (NSE) thematic indices bank, auto, financial services, media, etc all closed in green. Albeit, in the last few days, India’s stock market gauges have faced huge selling pressure due to continued foreign outflows, boiling crude oil prices and  heightened middle east tension.

Continued FIIs Selling

Foreign investors turned net sellers in first week of October 2024. On Monday, FIIs sold equities worth Rs 8,293 crore. Additionally, the FPIs had offloaded shares worth Rs 27,142 crore in the first week of the month under consideration. Although, just a month ago in September, they had bought equities worth Rs 57,724 crore.

Asian Markets Bleed

Barring China’s stock market gauges other Asian markets of Japan, Seoul and Hong Kong all showed negative investment sentiment on Tuesday. The Japan’s stock gauges dipped a bit on profit booking. The indices there have remained buoyant in preceding few trading sessions after the country’s newly elected Prime Minister Shigeru Ishiba had directed Japanese central bank not to hurry with the rate hikes.

While, Chinese stock gauges continued upward trajectory on Tuesday after being closed for entire last week. Recently, benchmark exchanges in China have risen phenomenally on account of fresh stimulus measures announced by the Chinese central bank. The policy makers earlier pegged for reduction in interest rates to prop up its falling economy.

Boiling Crude Oil Prices

Since October 01, 2024, global oil benchmark Brent Crude has risen more than 15% from $70 per barrel to $80 per barrel.

Earlier in the day, India’s domestic stock  market indices Sensex and Nifty had opened in red. The 30 constituent index had opened with a gap down at 80,826.56 points, while, the broader index traded at  24,832.20 levels.