Blood on street for sixth day in a row

FPIs continue to sell; HDFC Bank leads fall in benchmarks

- Ram Sahgal

Indian markets plunged for the sixth day in a row to mark their worst run in eight months, as foreign investors continued to dump shares. Benchmark indices Nifty and Sensex cracked 1.4% each on Thursday to close at their lowest levels since June.

Foreign portfolio investors (FPIs) sold shares worth a provisional ₹7,702.53 crore on Thursday; local institutions stepped in with purchases worth ₹6,658.45 crore, enabling the broader markets to recover from their intraday lows. With the indices falling below key levels, the investment strategy has shifted from ‘buy on dips’ to ‘sell on rise’, a market expert said.

The decline in benchmark indices was led by heavyweight HDFC Bank, which neared its 52-week low. During the day, the Nifty fell as low as 18,837.85 and the Sensex 63,092.98 before closing at 18,857.25 and 63,148.15. The indices broke below the psychological levels of 19,000 and 64,000 levels and supports of 18,887.60 and 63,583.07, increasing the bearish sentiment.