Final Trade: Sensex tanks 984 pts, Nifty below 23,600 as market closes in deep red
Fifth consecutive day of losses sees indices tumble; broader markets shed 3%, and metal stocks hit hard.
![Final Trade: Sensex tanks 984 pts, Nifty below 23,600 as market closes in deep red](https://cdn.zeebiz.com/sites/default/files/2024/11/13/330852-markets-in-red.png?im=FitAndFill=(1200,900))
Stock markets ended sharply lower on November 13, marking the fifth straight session of declines as concerns around rising inflation and a broad selloff in metal stocks dragged sentiment. Both the Nifty and Sensex recorded their steepest fall in five months, with the Nifty closing down 1.3 per cent, or 312 points, at 23,571. The Sensex tumbled 1,125 points, or 1.4 per cent, to settle at 77,550.
The broader market pain was evident, with mid-cap and small-cap indices plunging 2.5 per cent and 3 per cent, respectively. These indices, which had outperformed the Nifty with nearly 25% gains year-to-date, faced strong selling pressure, reflecting investor unease over steep valuations.
Sectorally, Nifty Metals took the biggest hit, dropping over 2.2 per cent, led by steep declines in Tata Steel, JSW Steel, Coal India, and Vedanta. Auto stocks were also under pressure, with heavyweights like Maruti Suzuki, M&M, Bajaj Auto, and Hyundai Motor tumbling up to 5 per cent.
The volatility index, India VIX, surged over 4 per cent, pushing past the 15-level mark as market nerves frayed. The latest inflation data, showing a 14-month high at 6.21 per cent, breached the Reserve Bank of India’s upper tolerance limit, further unsettling sentiment.
Amid the selloff, only a few stocks managed gains on the Nifty, with NTPC, Britannia Industries, and HUL in the green. On the losing side, Hero MotoCorp, Hindalco, Tata Steel, Eicher Motors, and M&M were the biggest laggards.
Swiggy’s debut provided a brief bright spot, listing at an 8 per cent premium and briefly touching a valuation of ₹1 lakh crore before cooling off. However, the overall market mood remained gloomy, with investors bracing for more volatility in the face of inflationary pressures and lacklustre Q2 earnings.
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