Mumbai, Jul 24 (PTI) Equity markets fell on Thursday, with the benchmark Sensex tumbling 542.47 points, amid profit-taking in blue-chip stocks and continuous foreign fund outflows.

Despite a positive start, the 30-share BSE Sensex failed to carry forward the momentum and fell later in the trade. The benchmark tanked 542.47 points, or 0.66 per cent, to settle at 82,184.17. During the day, it tumbled 679.42 points, or 0.82 per cent, to 82,047.22.

The 50-share NSE Nifty dropped 157.80 points, or 0.63 per cent, to 25,062.10.

From the Sensex firms, Trent, Tech Mahindra, Bajaj Finserv, Reliance Industries, Infosys, Kotak Mahindra Bank, HCL Technologies, and NTPC were among the biggest laggards.

However, Eternal, Tata Motors, Sun Pharma, Tata Steel, and Titan were the gainers.

Infosys declined over 1 per cent amid profit-taking after its June quarter earnings announcement.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.

European markets were quoting in the green. The US markets ended higher on Wednesday.

India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars, and an array of items, besides boosting bilateral trade by about USD 34 billion annually.

The deal was signed by Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynold in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.

The FTA is expected to benefit 99 per cent Indian exports from tariff and will make it easier for British firms to export whisky, cars, and other products to India, besides boosting the overall trade basket, according to Indian officials.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,209.11 crore on Wednesday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,358.52 crore in the previous trade.

Global oil benchmark Brent crude jumped 1.24 per cent to USD 69.36 a barrel.

On Wednesday, the Sensex jumped 539.83 points, or 0.66 per cent, to settle at 82,726.64. The Nifty gained 159 points or 0.63 per cent to settle at 25,219.90. PTI SUM TRB

Free trade agreement expands tariff cuts and market access, influencing equity markets amid foreign fund outflows. The India-UK free trade agreement was signed to reduce tariffs across a broad range of goods, expand bilateral trade, and ease market access for exporters and importers, benefiting the majority of Indian exports. Simultaneously, equity markets fell amid profit-taking and continued foreign institutional outflows, with domestic institutional investors providing net purchases and mixed sectoral performance among large-cap companies.