Closing Bell: Market Declines For The 6th Session, Sensex & Nifty Slide For 2nd Straight Week; FMCG Drags

The Indian stock market struggled to break out of its downward trend on Thursday, November 14, with the benchmark indices closing in the red for the sixth consecutive trading session. Despite early gains and some midcap resilience, the market ended on a flat note due to heavy selling pressure in the FMCG sector. Key indices Sensex and Nifty saw moderate losses by the close, affected by declines in stocks such as Hindustan Unilever (HUL), Tata Consumer Products, and Britannia Industries.

The Sensex ended the day down by 111 points, or 0.14%, to settle at 77,580, while the Nifty 50 index shed 26 points, closing at 23,533. This continued drop has also taken a toll on weekly returns, with both indices registering a loss of approximately 2% over the past five trading sessions.

Amid the tepid performance of largecap stocks, the midcap segment emerged as a silver lining. The Nifty Midcap 100 index rose 242 points to close at 54,043, representing an increase of 0.45% for the day. This positive performance among midcaps kept the market breadth tilted towards advances, even as blue-chip indices struggled to maintain gains. Among the day's top-performing midcap stocks were Shilpa Medicare, Deepak Nitrite, Apollo Tyres, and Ipca Laboratories, all of which gained on the back of positive Q2 earnings results.

Banking stocks also provided some relief, with the Nifty Bank index climbing 91 points to end at 50,180, supported by renewed interest in both private and public banking names. However, this slight recovery was insufficient to offset losses from other sectors.

In the Nifty 50 pack, Eicher Motors led the gains, surging more than 6% after announcing its Q2 earnings, which exceeded market expectations. Zomato and Jio Financial Services also made notable gains, rising up to 6% each on speculative bets about their potential inclusion in the Nifty index.

On the downside, the FMCG sector emerged as a significant drag on the indices, with Tata Consumer Products, HUL, Britannia, and Nestle among the top losers. The broad-based selling across FMCG names underscored investor caution towards consumer-facing companies, especially amidst concerns around input cost pressures and cautious consumer spending.

Suzlon Energy snapped its five-day losing streak, hitting a 5% upper circuit as investor interest resurfaced. Allied Blenders and Distillers rose by 2% after Antique Stock Broking initiated buy coverage on the stock, boosting investor sentiment.

PI Industries dropped by 4% after the company cut its revenue growth guidance for FY25, leading to concerns over its growth trajectory. Hindustan Aeronautics Ltd. (HAL) and Bharat Forge ended flat, despite reporting their Q2 earnings.

On the corporate earnings front, Q2 results influenced several stocks. Torrent Power, AstraZeneca, and Happiest Minds Technology all saw declines due to weaker-than-expected results, which weighed on investor sentiment. Swiggy, which had initially surged on positive momentum, ended 11% below its highs as gains failed to hold amid profit-taking.

Weekly Performance

As markets approach the close of the week, investors are grappling with two straight weeks of negative returns. Both Sensex and Nifty have slipped nearly 2% this week, weighed down by significant declines across sectors except for the Nifty IT index, which managed to hold up relatively well.

The Nifty PSU Bank and Metal indices were among the worst performers, both declining by around 5% over the week. The broader market fared no better, as the Nifty Midcap 100 index saw a weekly drop of 4%, while the Nifty Bank index slid by nearly 3%.

In the Nifty 50 index, 42 out of 50 stocks posted losses for the week, with FMCG heavyweights Britannia, Asian Paints, and Apollo Hospitals among the biggest decliners. In contrast, IT and select midcap stocks showed resilience. Trent, Eicher Motors, Infosys, HCL Technologies, and Tech Mahindra emerged as the top gainers in the Nifty.

Market sentiment remains cautious as investors brace for a potential increase in volatility, with global economic concerns, interest rate speculations, and domestic inflationary pressures playing a significant role. While the midcap index outperformed today, the broader outlook for largecap stocks and sectors such as FMCG remains subdued.