Indices fall for third straight day as FPI selling weighs on market

Sensex, Nifty drop more than 1%; foreign investors sell shares worth Rs 5,143 crore

The benchmark indices fell for the third straight session on Friday due to sustained selling by overseas investors amid concerns over India’s lofty valuations and the impact of spiralling commodity prices.

The Sensex fell 678 points, or 1.13 per cent, to close at 59,307 -- the lowest closing level since October 6. The 30-share index has declined 2,043 points, or 3.33 per cent in the previous three trading sessions. The Nifty 50 index dropped 186 points, or 1.04 per cent, to end at 17,672.

Foreign portfolio investors (FPIs) on Friday sold shares worth Rs 5,143 crore. Since October 20, FPIs have pulled