Indian markets continued their losing streak on Wednesday, November 13, marking the fifth consecutive session of decline. Weak global economic cues, a strengthening dollar index, and continued foreign investor selling created downward pressure. The Sensex plunged by 1,015.53 points (1.3%) to an intraday low of 77,659.65, while the Nifty dropped by 338 points (1.4%) to an intraday low of 23,545.50. Both indices closed lower, with the Sensex settling at 77,690.95 (down 984.23 points) and Nifty at 23,559.05 (down 324.4 points). These five sessions have seen indices fall nearly 4%, pushing them over 10% away from record highs set in September.

Broader Markets and Sectoral Performance

The Nifty Midcap and Smallcap indices underperformed, each losing over 2.5% as broader markets showed weakness. All sectoral indices closed in the red, with Nifty Realty suffering the biggest drop at 3.2%, followed by Nifty PSU Bank down 2.2%, and Nifty Metal down 2.66%. Other sectors, including Nifty Auto, Media, and Bank, saw declines exceeding 2%. On the lower end, Nifty IT and FMCG recorded minor losses of about 0.5%.

In the Sensex pack, only four stocks ended in the green—Tata Motors, NTPC, Asian Paints, and Infosys—while 26 closed lower. Top losers included M&M, Tata Steel, Adani Ports, JSW Steel, and IndusInd Bank.

Key Stock Updates

• Tata Motors: Gains were supported by a favorable outlook on global operations, particularly its Jaguar Land Rover (JLR) unit.

• NTPC Green Energy IPO: The green energy subsidiary of NTPC has set a price band of ₹102-108 for its ₹10,000 crore IPO, which opens on November 19. The issue comprises a fresh issue of equity shares, aimed at expanding NTPC’s renewable energy footprint.

• Kalyan Jewellers India: Shares fell sharply as the company reported a 3.4% YoY decline in Q2FY25 net profit to ₹130.6 crore due to increased costs in raw materials, employee benefits, and finance, although revenue grew 37.6% YoY to ₹6,091.4 crore driven by strength in domestic and Middle Eastern markets.

• Suven Pharmaceuticals: Shares rose as the company’s net profit beat analyst estimates, increasing 3.3% YoY to ₹82.2 crore, with revenue up 11.5% YoY to ₹257.7 crore, bolstered by a 40% YoY surge in its CDMO business.

• 3M India: Shares dropped due to an 8.4% YoY decline in Q2 net profit to ₹133.8 crore on rising costs, though revenue improved by 6.8% YoY to ₹1,129 crore in health care and consumer segments.

• Zinka Logistics Solutions IPO: The IPO received a lukewarm response, with 0.2 times subscription on the first day, despite retail investor interest reaching 0.4 times for available shares.

• KNR Constructions: The company’s stock rose significantly as Q2FY25 net profit surged 3x YoY to ₹441.5 crore, attributed to expense reductions, while revenue more than doubled.

• PNB Housing Finance: Shares declined as Quality Investment Holdings offloaded a 10% stake via block deal worth about ₹2,455 crore at an average price of ₹939.3 per share.

• Varun Beverages: The board approved two acquisitions—SBC Tanzania and SBC Beverages Ghana—for $169.6 million (approx. ₹1,431.1 crore) to strengthen its African presence in Pepsico’s distribution.

• Cello World: The stock fell following a 6% profit miss against estimates, as Q2FY25 net profit grew by just 2.1% YoY to ₹81.6 crore amid weak export demand for writing instruments.

• ACME Solar Holdings IPO: The stock debuted at a 13.2% discount to its issue price of ₹289, with an IPO subscription of 2.8 times.

Economic Indicators and Policy Updates

Inflation concerns are mounting as India's CPI inflation jumped to a 14-month high of 6.2% in October, primarily driven by food prices. This is above the RBI's medium-term target of 4.5%, casting doubt over the possibility of a rate cut in February 2025, which analysts previously anticipated. A recent SBI Research report also emphasized that inflationary pressures may persist, with CPI likely to hover between 4.8%-4.9% in FY25.

On the positive side, industrial production grew by 3.1% YoY in September, largely due to gains in the manufacturing sector, signaling a potential for steady economic growth. Additionally, SIAM data showed a 14.2% YoY increase in two-wheeler sales in October, though passenger vehicle sales rose only modestly by 0.9% YoY.

Global Market Impact and FII Outflows

Global market sentiment also influenced Indian markets, with Asian indices trading mixed, European indices in the green, and US futures in the red. Foreign institutional investors (FIIs) have reduced their exposure in Indian markets amid the recent geopolitical shifts and a strengthening dollar. Notably, of the ₹18,534 crore raised through IPOs in November, FIIs contributed only ₹2,900 crore, a sharp decline from previous months, indicating a cautionary approach in India and globally.

Conclusion

The Indian stock market is under pressure as economic concerns, foreign outflows, and global uncertainties continue to affect investor sentiment. While specific stocks like NTPC, Tata Motors, and KNR Constructions show resilience due to sector-specific factors, broader market trends remain bearish. Inflation risks and policy shifts by the RBI will likely be key factors for market movements in the coming months, with economic indicators such as auto sales and industrial output showing mixed signals. Investors are advised to adopt a cautious approach in the current volatile environment, closely watching sectoral trends and the upcoming IPOs for selective opportunities.

The Upcoming IPOs in this week and coming weeks are Rosmerta Digital, NTPC Green, Avanse Financial and Nisus Finance.

The Current active IPO are  Mangal Compusolution, Black Buck, and Onyx Biotec.

For more insights into financial trends , visit our Top News Headlines. You can also explore investment opportunities in the market and apply for upcoming IPOs through our Best IPO to Apply Now section.