Markets are still struggling as they follow negative global trends.

Sensex drops 319.3 points to 58,800.42 in initial trading . NSE Nifty falls by 90.8 points to 17,539.42 .

MUMBAI: On a low note, equity indices began the day with a drop on Friday, dropping for the third day in a row in global markets.In initial trading, the sensex dropped 319.3 points to 58,800.42.The NSE Nifty fell by 90.8 points to 17,539.In early trading, the major laggards included Power Grid, IndusInd Bank, HDFC, Mahindra & Mahindra, and Axis Bank.

Markets in Seoul, Tokyo, Shanghai, and Hong Kong were down slightly elsewhere in Asia.On Thursday, the US markets ended in negative territory.According to BSE data, foreign institutional investors (FIIs) offloaded shares worth a net Rs 2,509.55 crore on Thursday.The global risk-off is increasing in strength, aided by the steadily rising dollar.

The revival of FPI purchasing in India has been bolstered by the resumption of buying in July.FPIs are now selling in 5 out of the last 7 days, according to V K Vijayakumar, chief investment strategist at Geojit Financial Services.According to Vijayakumar, the near-term market outlook is pessimistic.