Indian Indices Decline Amid Fund Outflows and Ipo Activity

Indian benchmark indices closed lower for the second consecutive session on May 28, pressured by fund outflows and heightened IPO activity. The Sensex fell 0.29 percent to 81,312.32, while the Nifty declined 0.30 percent to 24,752.45. Consumer stocks led the decline, overshadowing positive global cues. Nifty PSU Bank gained, driven by SBI, Bank of Baroda, and PNB, while Nifty FMCG lagged due to a fall in ITC. A significant block deal involving ITC shares reduced British American Tobacco's stake below 25 percent. Analysts remain bullish on the Nifty, expecting a base in the 24,200-25,100 range and a move towards 25,500. Belrise Industries debuted with an 11 percent premium, and the Leela Hotels IPO was fully subscribed. Rising US and Japanese bond yields are seen as headwinds, with some portfolios holding cash to navigate volatility.