Market slide continues as NIFTY50 trades below 24,700, SENSEX falls over 400 points, broader markets see deeper cuts

Indian equity markets added more losses in late-morning deals due to selling by funds and retail investors. Meanwhile, the broader markets were facing the heat of selling; the BSE mid-cap index declined by 1.73%, and the small-cap index was down 2.18%.

Hectic selling in Mahindra & Mahindra, Tata Steel, JSW Steel, SBI, and Sun Pharma companies’ stocks dragged the markets to near low points of the day. Weak cues from the global markets weighed on the domestic markets. Further, market sentiment remained cautious amid continued foreign portfolio investor (FPI) selling. As per NSE data, foreign institutional investors (FII) were net sellers of Indian equities worth Rs 3,024.31 crore on November 12.

On the global front, Asian markets traded mostly in red, following negative cues from the US markets overnight. Traders were cautious as the Bank of Japan said producer prices in Japan were up 0.2 % on month in October. That exceeded expectations for a flat reading and was down from the upwardly revised 0.3% in September (originally flat).

Back home, in a stock-specific development, PNC Infratech fell after the company reported a weak set of numbers in the September quarter of the financial year 2025 (Q2FY25).

The BSE Sensex traded at 78232.68, down by 442.50 points or 0.56% at 12:20 pm after trading in a range of 78129.24 and 78690.02. There were 7 stocks advancing against 23 stocks declining on the index.

Meanwhile, after contracting to a 22-month low of 0.1 % in August 2024, India's industrial growth rebounded to 3.1 % in the month of September 2024, as all three major segments - mining, manufacturing and power generation - showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than the 6.4% registered in September 2023. The factory output had turned negative in August, mainly on account of floods affecting mining operations in the different parts of the country.

According to the data released by the National Statistical Office (NSO), the Quick Estimates of IIP stood at 146.7 against 142.3 in September 2023. In the April-September period, industrial output increased by 4 %, compared to revised 6.2 % a year earlier.

As per the data, mining sector output grew by 0.2%, manufacturing production by 3.9% and electricity output by 0.5% in the month of September 2024. In August, the mining sector output contracted by 4.3% and power generation contracted by 3.7%. The growth in manufacturing, too was muted at 1.1%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of September 2024 stood at 111.7, 147.0 and 206.9, respectively. Within the manufacturing sector, top three positive contributors for the month of September 2024 are - ‘Manufacture of coke and refined petroleum products’ (5.3 %), ‘Manufacture of basic metals’ (2.5 %), and ‘Manufacture of electrical equipment’ (18.7%

The NIFTY50 traded at 23716.80, down by 166.65 points or 0.70% at 12:20 pm after trading between 23679.35 and 23873.60. Nine stocks advanced on the index, while 41 stocks declined.

The top gainers on Nifty were NTPC (+1.41%), Trent (+0.90%), Britannia (+0.89%), Bharti Airtel (+0.63%) and Tata Motors (+0.22%). On the flip side, Eicher Motors (-3.40%), Mahindra & Mahindra (-3.40%), Hindalco (-3.25%), Hero MotoCorp (-3.22%) and Tata Steel (-2.75%) were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 209.38 points or 1.05% to 19,637.50. Shanghai Composite weakened 12.35 points or 0.36% to 3,409.62, KOSPI dropped 53.63 points or 2.16% to 2,428.94, Nikkei 225 slipped 697.78 points or 1.77% to 38,678.31 and Taiwan Weighted lost 75.63 points or 0.33% to 22,906.14. However, Jakarta Composite gained 6.57 points or 0.09% to 7,328.56 and Straits Times rose 4.55 points or 0.12% to 3,716.03.