Major banking stocks, which contributed significantly to the recent rally in the benchmarks, were the biggest drags in morning trade on November 13.
Brent crude futures for January traded at around $95 per barrel, further dampening sentiment.
On the macroeconomic front, inflation concerns also likely weighed on market sentiment. Headline inflation rose to a two-year high of 6.09% in October, driven mainly by higher food inflation, breaching the upper limit of the Reserve Bank of India's 2–6% tolerance band. Core inflation, which excludes food and fuel items, rose to 4.5% in October from 4.3% in September.
Among the Nifty 50 constituents, banking, financial services, and insurance companies snapped their gains from the previous session and were the top laggards in the index. HDFC Bank, ICICI Bank, and Axis Bank fell around 1% each. Shriram Finance, and Bajaj Finserv fell 1-2%.
At 10:55 am on November 13, Bank Nifty was trading 0.6% lower at 61,144.05 with IndusInd Bank, HDFC Bank leading the losses by declining over 1% each.