Data from ACE Equity shows that the benchmark NIFTY 50 dropped by 6.2%, falling from 25,127.95 on October 14, 2024, to 23,559.05 on November 13, 2024. The Indian equity market witnessed a challenging month, with indices across sectors and market caps recording significant declines. Weighed down by global uncertainties and domestic pressures, both large-cap and smaller indices experienced bearish sentiments.
Data from ACE Equity shows that the benchmark NIFTY 50 dropped by 6.2%, falling from 25,127.95 on October 14, 2024, to 23,559.05 on November 13, 2024. Broader market indices reflected deeper losses, with the NIFTY 500 tumbling by 7.6%, signalling weak performance across the board. Mid- and small-cap stocks suffered sharp corrections, with the Nifty Midcap 100 and Nifty Smallcap 100 declining by 9.5% and 8.5%, respectively.
Sectoral indices revealed significant pressures in key industries. The Nifty Auto index led the declines with a steep 14% drop, closing at 22,765.20, as rising input costs, weakening consumer demand, and financing concerns hit automotive stocks.
The Nifty Oil & Gas index followed, shedding 11.9% over the month. Weak demand and global uncertainties weighed on the sector, dragging the index down to 10,825. Similarly, the Nifty Realty index fell 11.4%, ending at 937.25, amid slowing property sales and higher interest rates.
Other commodities-focussed sectors also experienced double-digit losses. The Nifty Metal and Nifty Energy indices declined by 10.8% and 10.6% respectively, as global demand concerns and fluctuating raw material prices impacted performance. The Nifty Commodities index recorded a 10.3% drop, reflecting challenges across multiple commodity-linked sectors.
Consumer-focussed sectors faced headwinds, with the Nifty FMCG index falling 9.2% due to rising input costs and softening rural demand. The Nifty Media and Nifty Infrastructure indices both dropped 8.5%, reflecting subdued advertising revenues and stalled projects. Meanwhile, the Nifty Pharma index declined 7.9%.
Financial sectors recorded relatively smaller losses. The Nifty Bank and Nifty Financial Services indices fell by 3.3% and 3%, respectively.
The technology sector emerged as the most resilient, with the Nifty IT index slipping by just 1.2%, supported by a steady demand for digital transformation services.
Overall, the widespread declines underscore investors’ caution amid macroeconomic challenges. Analysts recommend a selective, sector-specific approach as the market navigates these turbulent times.