The Sensex fell more than 100 points in early trade on Thursday, reflecting losses in index mainstays ICICI Bank, HDFC twins, and ITC, as foreign money outflows continued.

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Despite opening slightly higher, the 30-share index fell 125.54 points, or 0.22%, to 58,215.45. Likewise, the Nifty was down 30.15 points, or 0.17%, at 17,384.90.

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ICICI Bank was the Sensex pack’s biggest loss, down roughly 2%, followed by NTPC, Bajaj Finserv, HUL, Asian Paints, ITC, and HDFC. On the other hand, Tech Mahindra, Reliance Industries, Kotak Bank, and Infosys were among the gainers.

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In the previous session, the Sensex slid 323.34 points, or 0.55%, to 58,340.99, while the Nifty fell 88.30 points, or 0.5%, to 17,415.05.

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According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, offloading shares worth Rs 5,122.65 crore.

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“The prolonged selling by FIIs, who have sold shares worth over Rs 18,000 crore in the previous six days, is food for bears in the market’s current bull-versus-bear war. This continuous selling is consistent with most international brokerages’ belief that values are stretched “Geojit Financial Services’ Chief Investment Strategist, VK Vijayakumar, said.

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The ‘buy-on-dips’ technique, which has worked effectively since April 2020, is no longer working, he says, adding that values remain high even after this downturn.

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In other Asian markets, Hong Kong and Tokyo were up in mid-session trade, while Shanghai and Seoul were down. In the overnight session, stock markets in the United States concluded mostly on a bullish note.

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Meanwhile, Brent crude, the international oil benchmark, dipped 0.01% to USD 82.24 a barrel. Rupee falls 15 paise to 74.55 against US dollar in early trade.