Indian Sensex falls 400 points as Nifty holds near 24,150
Business
The Indian stock market had a rough Thursday; after an early rally fueled by upbeat April auto sales and cheaper oil, the Sensex ended up dropping 400 points from the day's high.
Nifty hovered near 24,150 after the initial excitement faded.
Foreign institutional investors sell over ₹8000cr
Investors grabbed quick profits from the morning's gains, but what really tipped things was heavy selling by foreign institutional investors; FIIs sold stocks worth over ₹8,000 crore in just one day.
Hopes around a likely BJP surge in West Bengal gave markets a brief boost, but it wasn't enough to hold off the sell-off.
Just goes to show how quickly market moods can shift!