Stock market today: Sensex, Nifty 50 slide for 6th day as bears continue to rule Dalal Street; FMCG pack worst hit

The Indian stock market extended its slide for the sixth consecutive session on Thursday, November 14. However, the pace of selling slowed notably as heavyweight stocks like Reliance Industries and HDFC Bank provided support, preventing a further significant decline.

Some renewed interest was observed in banking and auto stocks during today’s session, driving frontline indices to gain 0.50% in the first half of trading. However, heavy selling pressure from the FMCG pack put strain on the indices, leading them to close flat.

Consequently, the Nifty 50 closed the session with a decline of 0.11%, settling at 23,532 points, and ended the week down by 2.55%. The S&P BSE Sensex closed 110 points, or 0.14%, lower at 77,580, marking a weekly decline of 2.40%.

In contrast, the broader market saw a rebound in today’s session, breaking a five-day losing streak. The Nifty Midcap 100 ended the session with a gain of 0.45%, closing at 54,043 points, while the Nifty Smallcap 100 index rose by 0.81%, finishing at 17,601 points.

Nevertheless, both indices have fallen by as much as 4.6% for the week.

Among the sectoral indices, Nifty Media ended the session with a gain of 2.26%, followed by Nifty Realty, Nifty Auto, and Nifty Bank, all closing with gains of up to 1%. On the flip side, Nifty FMCG extended its slide for the fourth consecutive session, losing another 1.53%.

Rising inflation continues to weigh on investor sentiment, with concerns that it could lead to reduced consumer spending, potentially impacting sales in the sector.

Additionally, Nifty PSE extended its slide for the third consecutive session, losing another 0.92% and touching a 5-month low. This was followed by Nifty PSU Bank, Nifty Pharma, and Nifty Energy, which ended the session with losses of 0.7%, 0.26%, and 0.18%, respectively.

30 Nifty 50 stocks close in the red

A total of 30 Nifty 50 stocks ended today's session in the red, with the FMCG sector emerging as the biggest loser. Shares of HUL, Tata Consumer Products, Britannia Industries, and Nestle India dropped between 2.4% and 3.1%. This was followed by BPCL, NTPC, IndusInd Bank, and seven other stocks, which closed with declines of over 1%.

On the winning side, Eicher Motors saw a rise of 6.4% after the company reported strong earnings for the September quarter, surpassing street estimates. Hero MotoCorp also ended the session with an uptick of 1.9%.

Other stocks, including HDFC Life Insurance, Reliance Industries, Kotak Mahindra Bank, and SBI Life Insurance, wrapped up the session with returns of up to 1%.

Commenting on today's market performance, Vinod Nair, Head of Research, Geojit Financial Services said, "Today the domestic market experienced a lacklustre trading, but some stability was observed throughout from the low of the day. The sustainability of this trend remains uncertain as FIIs continue to be on the selling side. But on a positive note, the degree of selling is reducing."

"Asian markets too displayed mixed sentiments as investors evaluate potential risk due to a likely change in US policy with trade barriers. However, it looks like the muted performance of domestic Q2 earnings has been mostly factored in with the consolidation of the last 1-2 months. The market will look forward to improvements in domestic business and economy data in anticipation of a rebound in government spending, which reduced during the year due to national and state elections," he added. 

Nifty 50: Key levels and trends

Rupak De, Senior Technical Analyst, LKP Securities said, "On Thursday, Nifty closed near its 200-day EMA, forming a gravestone doji like pattern on the daily chart, signaling bearish sentiment. This suggests a "sell on rise" approach as the index hovers in an oversold zone near a key EMA level. A bounce is likely, but it should be seen as an opportunity to sell. If Nifty breaks below the 200-day EMA, selling pressure could intensify. The index has support at 23,450, with resistance expected at 23,650, framing the short-term trading range."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.