IT stocks drag Nifty as global tech rout hits Dalal Street

Indian equities fell sharply on Tuesday as a global selloff in technology shares and a stronger US dollar pressured domestic IT and metal stocks, pulling the Nifty 50 down 1.16% to 23,824, its biggest single-day decline in nearly four weeks.

Market overview

Index	23 Jun close	Move & % change	Comments
Nifty 50	23,824	-278 pts (-1.16%)	Closed below 24,000 after broad-based selling.
Sensex	approx.	-1.28%	Tracked Nifty lower through the session.
Nifty Midcap	approx.	Negative	Ended in the red with wider market.
Nifty Smallcap	approx.	Negative	Declined in line with broader risk-off mood.

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

• All sectoral indices ended lower, led by metals, IT and PSU banks.
• Profit booking emerged after recent gains in several pockets.
• Stronger US dollar hurt commodity-linked and export-oriented stocks.

Global cues

Market/Asset	Movement	Notes
Kospi (South Korea)	-10%	Fall triggered circuit breaker and temporary halt.
Nikkei 225 (Japan)	-3.55%	Closed at 69,788.38, breaking eight-session winning streak.
Hang Seng (Hong Kong)	-1.82%	Closed at 23,336.28.
CSI 300 (China)	-2.77%	Finished at 4,919.39.
STOXX 600 Technology	more than -3%	Reflected global tech stock rout.

• Weakness followed profit booking in US tech majors such as Alphabet, Meta, Amazon and Microsoft.
• Expectations of a possible US Federal Reserve rate hike lifted the dollar toward its highest level since May 2025.
• Stronger dollar weighed on risk assets globally and pressured commodities.

IT stocks under pressure

Top IT stocks	Move on 23 Jun	Notable factor
Infosys	down up to 2.44%	Biggest IT laggard on Nifty, hit by global tech weakness.
TCS	down more than 2%	Tracked global tech selloff and weak sentiment.
Wipro	-3.16% close at ₹174.49	Hit new 52-week low during session.
HCL Tech	down over 1%	Continued recent softness in large-cap IT.
Mphasis	down over 1%	Declined along with broader IT pack.

• Nifty IT index fell 1.64% to 27,174.45, extending its downtrend.
• Infosys traded around ₹1,039 to ₹1,042, emerging as the top sector laggard.
• TCS slipped to about ₹2,098, while HCL Technologies traded near ₹1,116.
• Wipro dropped below prior support levels and broke its previous 52-week low of ₹174.89.
• IT sentiment weakened after Accenture cut its full-year FY26 revenue growth forecast to 3–4% from 3–5%.
• Accenture also guided fourth-quarter revenue below analyst expectations, raising concerns on global tech spending.
• Indian IT firms, with significant US exposure, faced renewed worries on discretionary IT budgets.

Technical outlook for Nifty IT

• Nifty IT remains in a firm downtrend across time frames.
• The index is trading below both short-term and long-term moving averages.
• Immediate key support is at 26,180, the identical lows of calendar years 2022 and 2023.
• Volatility in IT is expected to stay high ahead of quarterly results.
• Price action shows no sign of reversal of the corrective trend yet.
• A move above the 50-day EMA around 29,325 and a higher high, higher low pattern on weekly charts would signal trend reversal.
• “Pricewise there is still no sign of reversal of the corrective trend, hence suggest to technically avoid at current levels” Mukherjee said.

Metals, PSU banks and other key movers

Segment	Direction (approx.)	Key drivers
Nifty Metal	down 3.22%	Stronger dollar and risk-off mood hit metal counters.
Nifty PSU Bank	down 1% to 2.23%	Profit booking after recent rally.
Nifty IT	down 1.64%	Global tech rout and weaker outlook from Accenture.

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

• Vedanta and NALCO fell more than 6% each in heavy metal sector selling.
• Hindustan Zinc, Jindal Steel, NMDC, SAIL and JSW Steel declined over 3%.
• Among PSU banks, Canara Bank, Bank of Baroda, UCO Bank, PNB, Bank of Maharashtra, Indian Bank, Central Bank of India and SBI lost between 1.5% and 3.3%.
• HFCL dropped another 3.5% on profit booking, though it remains up about 200% in 2026.
• Angel One slipped 3.6% to ₹342 per share.

Stocks that bucked the trend

Top gainers	Sector	Notable factor
Cohance Lifesciences	Pharma	Jumped 13% to ₹457, led gainers despite weak market.
Meesho	Technology	Gained more than 5%.
Piramal Pharma	Pharma	Advanced over 5%.
Gland Pharma	Pharma	Rose more than 5%.
Neuland Laboratories	Pharma	Climbed over 5%.

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

• Ather Energy reversed recent losses, rising 5% to ₹1,006.
• Kirloskar Oil Engines added 4.8% to ₹2,504, extending gains after a 20% upper circuit on a data centre order win.
• Schneider Electric, ZF Commercial Vehicle, Laurus Labs, PhysicsWallah, Apar Industries, Aurobindo Pharma, Syrma SGS Technology, Info Edge (India), Ola Electric, JSW Infrastructure, CarTrade Tech and Zydus Lifesciences rose between 2.5% and 3.5%.

Key market statistics

Statistic	Value / Change	Context
Wipro 1-month return	-13.82%	Reflects sustained pressure on the stock.
Wipro 1-year return	-33.16%	Indicates prolonged underperformance.
Wipro 3-month return	-5.62%	Shows recent trend remains negative.
Wipro 6-month beta	0.2422	Suggests lower volatility versus broader market.

• Wipro traded below multiple short-term support levels during the session.
• The stock moved under its second and third intraday support bands.
• Short-term moving averages for Wipro, including 3-day and 7-day EMAs, remain above the current price.

Frequently Asked Questions

Why did Indian IT stocks fall on 23 June?

– Indian IT stocks tracked a global tech selloff, weaker Nasdaq sentiment and Accenture’s lower revenue guidance, which raised concerns about slower discretionary IT spending from key US clients.

What is the current technical trend for the Nifty IT index?

– Nifty IT is in a downtrend, trading below key moving averages, with support near 26,180 and potential trend reversal only above the 50-day EMA around 29,325 along with a higher high, higher low pattern.

Which sectors led the decline in the Indian market?

– Metals, IT and PSU banks led the decline, with Nifty Metal down 3.22%, Nifty IT down 1.64% and PSU banks losing between 1% and 2.23% amid profit booking and a stronger US dollar.