Midday Market Update: Nifty, Sensex slump 500 points; 5th consecutive day of losses

Benchmark indices Nifty and Sensex extended their losses on November 13, marking the fifth straight day of declines as investor concerns weighed heavily on the markets. 

As of noon, the Sensex was down by 496.54 points or 0.63 per cent at 78,178.64, and the Nifty had fallen by 181.50 points or 0.76 per cent to 23,702. The broader markets also followed the downtrend, with mid- and small-cap indices falling by 2 per cent and 2.3 per cent, respectively.

Both indices experienced their sharpest drops in five months, with broad-based sectoral sell-offs intensifying the slide. Ongoing worries such as rising inflation (highest in 14 months), high valuations, and a weak Q2 performance are fueling investor anxiety.

Sectoral performance

All sectors were hit, with Nifty Auto leading the plunge, down nearly 2 per cent. Major auto stocks like M&M, Maruti Suzuki, Bajaj Auto, and Hyundai Motor dropped as much as 5 per cent. Pharma, Healthcare, Realty, Bank, Energy, FMCG, Infra, and Metal stocks all slipped by around 1 per cent.

Investor concerns
Investor unease is being fueled by factors like high inflation (the highest in 14 months), expensive valuations, and a weak Q2 earnings season. The rising US dollar index and the jump in US bond yields are contributing to capital outflows from emerging markets, including India.

Key stock movements
- NTPC, Tata Motors, and Trent were among the key Nifty gainers.
- Hindalco, Eicher Motors, and M&M were among the top Nifty losers.

Notably, shares of Hyundai Motor India fell 5 per cent following a weak Q2 earnings report, while KNR Constructions surged 14 per cent after reporting a massive 310 per cent YoY profit increase in Q2.