Global cues hit Sensex, Nifty

Mumbai: Stock market benchmarks Sensex and Nifty-50 fell for the eighth consecutive session on heavy foreign investor selling.

The Sensex fell 326.23 points or 0.55 per cent to settle below the 59,000 mark at 58,962. The Nifty-50 was down 88.75 points or 0.51 per cent to 17,303.95.

Foreign portfolio investors net sold equities worth ₹4,559.21 crore, though domestic institutions tried to neutralise the impact with higher buying by ₹4,609.87, market fall was unstoppable so far.

The Sensex made an intra-day low of 58,795.97 while Nifty-50 hit the day’s low of 17,255.20 before a minor pull back.

Adani Group stocks made sharp recovery after early morning dip to new lows. “Markets are witnessing selling pressure on the back of global unc-ertainty, consistent FPIs selling and central banks being hawkish to tame rigid inflation,” said Sidd-hartha Khemka of Motilal Oswal Financials.