Stock market highlights: Sensex drops 900 pts, Nifty slips below 24,000

Benchmark indices halted a five-session rally on Friday as Sensex fell over 900 points and Nifty 50 slipped below 24,000, hit by a steep selloff in information technology stocks after Accenture cut its revenue guidance and amid renewed FII selling and weak Asian cues.

Market overview

Index	19 Jun 2026 Close	Move & % Change	Comments
Sensex	approx. 76,450	about -900 pts (around -1.2%)	Broke 76,500 as IT heavyweights dragged after global guidance cut.
Nifty 50	approx. 23,950	about -215 pts (around -0.9%)	Slipped below 24,000 after five-day, near 5% rally.
Nifty IT	26,634.50	-6.4%	Hit lowest level since April 2023 on sector-wide selloff.
Nifty Midcap indices	Nifty Midcap 100 down, Nifty Midcap 150 down 0.26%	down up to 0.5%	Broader midcaps saw mild profit booking.
Nifty Smallcap indices	Nifty Smallcap 100 down, Nifty Smallcap 250 up 0.17%	mixed	Smallcaps relatively resilient, traded mixed.

Note: figures are approximate; final exchange data not available at time of publication.

• Five-session winning streak in Sensex and Nifty 50 ended.
• Prior five sessions had lifted benchmarks nearly 5%.
• Volatility gauge India VIX rose almost 5% to 13.30 intraday.

Key market statistics

Statistic	Value/Change	Context
India VIX	13.30, up nearly 5%	Higher volatility after sharp IT-led decline.
FII flows (Thursday, provisional NSE)	₹1,025 crore net selling	Foreign investors turned sellers after three days of buying.
FPI equity outflows 2026	₹2.87 lakh crore withdrawn	Persistent overseas selling over the year.
FII flows first half of June	more than ₹62,853 crore outflows	Continued foreign selling pressure in early June.

• Domestic institutional buying cited as cushioning some FII selling.
• Profit booking likely after recent 4 to 5 percent index gains.

Key movers

Top losers (large caps, indicative)

Stock	Sector	Notable Factor
Infosys	IT services	Fell up to 9% after Accenture’s lower revenue guidance.
TCS	IT services	Dropped around 4 to 6 percent on weaker global IT outlook.
HCLTech	IT services	Declined about 6 to 8 percent, tracking sector-wide selloff.
Tech Mahindra	IT services	Slid 4 to 6 percent on discretionary IT spending concerns.
Mphasis, LTI Mindtree, Persistent Systems	IT services	Lost 4 to 6 percent as Nifty IT hit three-year low.

Top gainers (large caps, indicative)

Stock	Sector	Notable Factor
Sun Pharma	Pharmaceuticals	Gained nearly 1%, among few Sensex gainers.
NTPC	Power	Rose close to 1%, bucking broader market weakness.
Nifty Media index constituents	Media	Sector traded positive despite headline index fall.
Nifty Pharma, Healthcare, Chemicals constituents	Healthcare, chemicals	Select stocks advanced as defensives found interest.

• Infosys, HCLTech, Tech Mahindra and TCS were the biggest drags on Sensex.
• HDFC Bank and Tata Steel fell more than 1% each.

Sectoral action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	down 6.4%	Accenture guidance cut, worries on US discretionary IT spending.
Nifty Media	up	Benefited from stock-specific buying, resisted broader selloff.
Nifty Pharma	up	Defensive buying interest in healthcare names.
Nifty Healthcare	up	Tracked gains in pharma and select healthcare stocks.
Nifty Chemicals	up	Outperformed as investors rotated into non-IT sectors.

• Nifty IT was the top sectoral loser, at a three-year low of 26,634.50.
• Sector traded below key short and long-term moving averages.

Technical outlook

• For Nifty 50, 24,000 seen as immediate support by some analysts.
• Resistance zone pegged at 24,250 to 24,400.
• A decisive move above 24,400 could trigger fresh momentum and short covering.
• Sustained trade below 24,050 may invite profit booking towards 23,950.
• Next key support cited around 23,850 on the downside.
• Overall medium-term structure for Nifty described as bullish while above 24,000.
• Strategy preference from some desks: buy on dips as long as Nifty holds above 24,000.

• For Nifty IT, prior swing low of 27,078 (14 May) was breached.
• Index is trading below key short and long-term moving averages.
• RSI slipped below 40, indicating strengthening bearish momentum.
• On ADX, DI- crossing above DI+ signals seller dominance.
• Resistance for Nifty IT expected around 27,450 to 27,500.
• Trend likely to stay weak while index trades below that resistance band.

Global cues and geopolitics

Market/Asset	Movement	Notes
Kospi (South Korea)	down nearly 2%	Regional risk-off sentiment weighed on Indian equities.
Hang Seng (Hong Kong)	down nearly 2%	Asian weakness mirrored in domestic market fall.
Nikkei (Japan)	subdued	Lacklustre trade added to cautious regional tone.
Dow Jones futures	negative	Pointed to weaker US open despite prior Wall Street gains.

• Asian market weakness reinforced selling in Indian indices.
• Planned US Iran talks in Geneva were called off, reviving geopolitical unease.
• Israel continued military action against Hezbollah in Lebanon.
• Investors remained alert to Middle East risks despite earlier US Iran agreement.

Index rebalancing and flows

• Global index provider FTSE scheduled index rebalancing effective 22 June 2026.
• India could see over $600 million in passive FII inflows from FTSE changes.
• New FTSE inclusions include Lenskart Solutions, Groww, Tata Capital, ICICI Prudential AMC, LG Electronics India, Meesho, Tenneco Clean Air India.
• Lenskart expected flows: $89 million for 16.7 million shares.
• Groww expected flows: $84 million for 39.4 million shares.
• Tata Capital expected flows: $76 million for 20.7 million shares.
• ICICI Prudential AMC expected flows: $68 million for 1.9 million shares.
• LG Electronics India expected flows: $66 million for 3.9 million shares.
• Meesho expected flows: $49 million for 26.9 million shares.
• Tenneco Clean Air India expected flows: $20 million for 3.3 million shares.

• Weight increases in FTSE indices for Bharti Airtel, Adani Enterprises, IndusInd Bank, Eicher Motors, AB Capital, Poonawalla Fincorp, Samman Capital, UltraTech Cement, HDB Financial Services, Apollo Hospitals, CG Power, Vishal Mega Mart, ITC Hotels.
• Weight reductions for Adani Ports, Bajaj Finance, Maruti Suzuki India, HCLTech, Tata Steel, Avenue Supermarts, Prime Focus, BPCL, Adani Wilmar, Usha Martin, ICICI Lombard, Jindal Stainless, TVSh Holdings, Escorts Kubota.

• In Sensex, weights of Bharti Airtel and Eternal set to rise.
• Bharti Airtel expected to see $95 million flows for 4.8 million shares.
• Eternal expected flows: $5 million for 1.7 crore shares.
• Sensex weight to decrease for Maruti Suzuki India, HDFC Bank, Reliance Industries, ICICI Bank.

Analyst commentary

• “The prevailing market structure suggests that buying on dips could remain an effective strategy.”

– VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

• “A decisive breakout above 24,400 could trigger fresh momentum and short covering, paving the way for higher levels.”

– Rajesh Palviya, Head of Research, Axis Direct.

• “Indian IT services trading at 16-18 times earnings with single-digit revenue growth expectations is expensive, not cheap.”

– Harshal Dasani, Business Head, INVasset PMS.

FAQs

Q: Why did Nifty IT fall over 6% today?

• Accenture cut its revenue growth guidance and gave a softer revenue outlook.
• This raised concerns on global discretionary IT spending, especially from US clients.
• Indian IT majors with high US exposure saw sharp selling, dragging Nifty IT down 6.4%.

Q: Is the overall Nifty 50 trend still positive after today’s fall?

• Some technical analysts see 24,000 as a key support for Nifty 50.
• They view the medium-term trend as bullish while the index holds above this level.
• A move above 24,400 is seen as confirmation of renewed upside momentum.

Q: How are FIIs positioned in Indian equities currently?

• FIIs sold ₹1,025 crore of equities on Thursday, per provisional NSE data.
• They have withdrawn more than ₹62,853 crore in the first half of June.
• Cumulative FPI equity outflows in 2026 stand at about ₹2.87 lakh crore.

Frequently Asked Questions

Why did Nifty IT fall over 6% today?

Accenture cut its revenue growth guidance and projected lower-than-expected revenue, which revived concerns over discretionary IT spending by global clients, especially in the US. Indian IT majors with high US exposure were sold heavily, pulling Nifty IT down 6.4% to a three-year low.

Is the Nifty 50 trend still positive after the correction?

Technical analysts cited 24,000 as an important support for Nifty 50. As long as the index holds above this level, they consider the medium-term structure constructive, with resistance in the 24,250–24,400 zone and potential for renewed momentum on a breakout above 24,400.

What role did FIIs play in today’s market fall?

Foreign institutional investors turned net sellers again, offloading equities worth ₹1,025 crore on Thursday according to provisional NSE data. This added to ongoing 2026 FPI outflows of about ₹2.87 lakh crore, though domestic institutional buying has partly cushioned the impact.