Sensex, Nifty tank in early trade on foreign fund outflows; Tata Motors down over 7%

Mumbai: Benchmark equity indices Sensex and Nifty declined in early trade on Monday amid continuous foreign fund outflows, weak trends from Asian markets and heavy selling in Tata Motors.

The 30-share BSE Sensex tanked 462.33 points to 72,202.14. The NSE Nifty declined 125.8 points to 21,929.40.

From the Sensex basket, Tata Motors dropped over 7 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024.

JSW Steel, Tata Steel, NTPC, State Bank of India, Power Grid and Mahindra & Mahindra were the other major laggards.

Sun Pharma emerged as the only gainer from the pack.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.

Wall Street ended mostly higher on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,117.50 crore on Friday, according to exchange data.

Global oil benchmark Brent crude declined 0.31 per cent to USD 82.53 a barrel.

The BSE benchmark climbed 260.30 points or 0.36 per cent to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44 per cent to 22,055.20.