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Mumbai, Nov 16 Foreign fund outflows as well as worries over inflation and mild profit bookings subdued India's key equity indices S&P BSE Sensex and NSE Nifty50 on Tuesday.The FIIs sold Rs 560.67 crore on the BSE, the NSE and the MSEI in the capital market segment during the day's trade.Initially, both the indices opened in the red and witnessed selling pressure throughout the day.However globally, Asian stock markets rose on Tuesday after President Joe Biden and China's Xi Jinping held a summit meeting by video link. Besides, several European indices hit record highs on Tuesday, boosted by signs of easing US-China tensions, strong earnings, and dovish statements from the European Central Bank chief.On the domestic front, market was dragged down by losses in energy, banking and oil and gas stocks, amid rising inflation concerns. The 30-scrip Sensex closed at 60,322.37 points, down 396.34 points, or 0.65 per cent, from its previous close.Similarly, the NSE Nifty50 ended the day's trade on a lower note, falling to 17,999.20 points, down by 110.25 points, or 0.61 per cent, from its previous close."Nifty respected the 'doji' formation on the previous day and sold-off on November 16," HDFC Securities' Head of Retail Research, Deepak Jasani, said."18,102 - 18,139 is the resistance band now for the Nifty while 17,874 - 17,906 is the support band. Volumes and advance decline ratio continue to disappoint."According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: "Domestically, the overstretched valuations with a number of global financial services firms maintaining cautious view on Indian equities affected the market sentiments.""Global markets remained flat. With gold touching five-month high due to concerns of rising inflation and strengthening currency and bond yields."In addition, Vinod Nair, Head of Research at Geojit Financial Services said: "The domestic market started trading between gains and losses before slipping into deep red with heavy selling in banking and pharma stocks. RBI's statement that equity market valuations is stretched added to the pressure, however mid and smallcaps outperformed.""Global markets remained mixed as the Biden-Xi meeting ended with both the parties appealing for more cooperation. European and US markets are trading almost flat ahead of the release of Eurozone Q3 GDP and US retail sales data."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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