Nifty falls to near 5-month low

Earnings disappointment and foreign outflows continue to weigh on markets

- SUNDAR SETHURAMAN

The benchmark National Stock Exchange Nifty 50 fell to its lowest level in nearly five months due to sustained selling by overseas funds and sharp losses in index heavyweights, which weighed on market performance. Earnings disappointments and more attractive investment prospects in the US also kept investor sentiment subdued.

Falling for the fourth consecutive day, the Nifty declined by 258 points, or 1.07 per cent, to close at 23,883—its lowest close since June 26. The S&P BSE Sensex dropped 821 points, or 1.03 per cent, to close at 78,675, marking its lowest level since August 6. The total market capitalization of BSE-listed companies fell by ₹5.2 trillion to ₹437 trillion.

Since reaching all-time highs on September 26, the Sensex has fallen by 8.3 per cent, and the Nifty is down almost 9 per cent.