Mumbai, November 22nd : .India’s equity indices S&P BSE Sensex & NSE Nifty50 were dragging on Monday due to negative global cues and foreign fund outflows. Barometer 30-scrip Sensex dropped sharply to 58.465 points.This is down by 1,170.12 point or 1.96 percent.
The wider 50-scrip Nifty also closed the day at 17,416 point, down 1.96 percent or 348.25.
The lowest point was 17,280.
Paytm’s subdued listing, and continued weak trading is a setback for the Indian market.The domestic market was growing on the strength of the primary market.Vinod Nair Head of Research, Geojit Financial Services, stated that it will affect the inflows of money from India’s retail sector, which was a major player throughout the year.
“FIIs can also be a seller because they fear overvaluation of India compared with peers.The withdrawal of three agricultural farm acts could lead to a decrease in FII inflow, which will likely make it more difficult for government to implement its reformist agendas.
This was a crucial factor that allowed India to trade at a premium with EMs throughout the year.
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