Sensex Today | Nifty 50 | Stock Market Highlights: Benchmarks hit two‑month lows as crude spikes, tech reels

Indian equities fell for a second straight session on Monday, with the Sensex dropping 719 points and the Nifty 50 losing 244 points to close at their lowest levels in nearly two months, as a global tech selloff, surging crude oil and renewed West Asia tensions triggered broad-based risk aversion. Market breadth weakened sharply across large- and mid-cap segments, even as pharma stocks and a few defensives managed to resist the slide.

Market overview

Index	8 Jun Close	Move & % Change	Comments
Sensex	73,524.26	-719 pts (-0.97%)	Hit intraday low of 73,318; second straight decline.
Nifty 50	23,123.00	-244 pts (-1.04%)	Slipped to 23,070 intraday; two‑month closing low.
Nifty Bank	54,064.00	-433 pts (approx. -0.8%)	Financials dragged by ICICI Bank, other heavyweights.
Nifty Midcap index	59,906.00	-849 pts (approx. -1.4%)	Broader markets underperformed, reflecting risk-off mood.

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

• Sensex declined for the second session after Friday’s 117‑point fall.
• Nifty 50 extended losses from Friday’s 49‑point drop, closing below 23,150 support.
• Around 24 of 30 Sensex and 40 Nifty stocks ended lower, per exchange data.
• NSE advance‑decline ratio was near 1:3, indicating broad-based selling.
• Market capitalisation of BSE-listed firms fell by over ₹5 lakh crore in early trade.

Key movers: index heavyweights

Stock	Sector	Notable factor
Reliance Industries	Oil & gas	Among key drags on indices as crude spiked.
ICICI Bank	Banking	Contributed to Nifty Bank weakness.
Mahindra & Mahindra	Auto	Featured among major losers on Sensex.
Larsen & Toubro	Capital goods	Weighed on benchmarks amid broad selling.
TCS	IT	Fell around 2% as IT index corrected further.
Wipro	IT	Slumped 6.46% to ₹185.55 on heavy selling.
Jio Financial Services	Financials	Among top Nifty losers.
Eternal	Diversified	Cited among biggest laggards on Sensex/Nifty.
Shriram Finance	NBFC	Listed among notable losers in Nifty pack.
Power Grid	Utilities	One of the few Sensex gainers.
Tech Mahindra	IT	Rose 1.25% to ₹1,502, bucking IT weakness.
Bharat Electronics	Defence electronics	Closed in the green on Sensex.
Bharti Airtel	Telecom	Featured among Sensex winners.

• Downstream OMCs IOC, HPCL, BPCL fell up to 4% on margin worries from higher crude.
• In the broader market, Muthoot Finance dropped over 6%, Kalyan Jewellers about 5% on weaker bullion prices.

Sectoral action

Sector / Index	Direction (approx.)	Key drivers
Nifty IT	down 2%	Hit by global tech and AI-led selloff; Wipro, TCS weak.
Nifty Metal	down (underperforms)	SAIL, NALCO slid, NALCO down around 4%.
Downstream OMCs	down up to 4%	Brent near $97 raised concerns on marketing margins.
Nifty Pharma	up 1.4%	Fourth straight gain as investors rotated to defensives.
Nifty CPSE	up (modest)	One of few indices closing positive.
Nifty Healthcare	up (modest)	Benefited from defensive buying.

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

• Nifty IT has corrected nearly 8% from its 2 June high of 31,291.
• Nifty Pharma is up about 7% year‑to‑date and has outperformed over the past month.
• Mid- and small-cap indices lost more than 1%, signalling risk-off in broader markets.

IT stocks under pressure

• Wall Street’s Nasdaq fell 4.18% on Friday, its steepest one-day drop since April 2025.
• The Philadelphia Semiconductor Index saw its biggest one-day fall since March 2020, erasing over $1 trillion in value.
• Asian tech indices followed: Kospi fell between 5% and 8%, Nikkei 225 nearly 4%, Taiwan’s main index around 4%.
• “The rotation thesis is real, but selective. The Broadcom-triggered sell-off has exposed the fragility of hyper-concentrated AI markets in Korea and Taiwan,” said Khushi Mistry, Research Analyst, Bonanza.
• Infosys slipped 0.11% to ₹1,196.20, Coforge eased to ₹1,431.50.
• Mphasis, Persistent Systems, LTIMindtree and OFSS posted small gains, cushioning Nifty IT.
• Analysts noted most Tier‑1 IT firms are guiding for low single‑digit FY27 revenue growth, with Tier‑2/3 expecting low double digits.

Pharma outperforms in volatile trade

• Nifty Pharma rose 1.25–1.4%, extending its winning streak to a fourth session.
• JB Chemicals & Pharmaceuticals gained nearly 1.8%; Alkem Laboratories and Mankind Pharma advanced around 1.7% each.
• Torrent Pharma, Ajanta Pharma, Dr Reddy’s, Gland Pharma added up to 1.3%.
• Wockhardt fell over 2.3%; Lupin, Cipla, Piramal Pharma, Laurus Labs slipped up to 0.8%.
• Analysts highlighted pharma’s defensive appeal and support from a weaker rupee for exporters.

Global cues and macro drivers

Market / Asset	Movement	Notes
Nasdaq Composite (Fri)	-4.18%	Tech-led selloff, largest fall since April 2025.
S&P 500 (Fri)	-2.64%	Broad US weakness; Dow down 1.35%.
Kospi (Mon)	-8 to -9% intraday	Circuit breaker triggered; semiconductor-heavy index hit.
Nikkei 225 (Mon)	-3.85 to -4%	Tech and export stocks sold off.
Hang Seng / Shanghai	down >1%	Followed Wall Street weakness.
Brent crude	around +4.1% to $96.91	Near $97 on West Asia tensions.
WTI crude	+3.5% (approx.)	Approached $94 per barrel.
USD/INR	around 95.35	Rupee weakened 17 paise in early trade.

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

• Israel and Iran exchanged missile strikes for the first time since a ceasefire announcement, raising supply risks.
• Concerns grew over disruptions near the Strait of Hormuz, through which over one‑fifth of global oil and gas flows.
• “Global sentiment has weakened amid a flare-up of tensions in West Asia, pushing crude towards $100/bbl,” said Vinod Nair, Head of Research, Geojit Investments.
• US non-farm payrolls showed 172,000 jobs added in May, above expectations of around 80,000.
• Strong US data reduced hopes of near-term Federal Reserve rate cuts, keeping global yields elevated.
• Foreign Institutional Investors sold ₹8,776.25 crore of Indian equities on Friday, per exchange data.

Technical and sentiment snapshot

• Both Sensex and Nifty 50 are now trading near two‑month lows after breaking recent support zones.
• Nifty IT has slipped below key short- and long-term moving averages; daily RSI has dropped from 66 to 46.
• Analysts see the 29,230–29,250 band as immediate resistance for Nifty IT; bias remains sideways to bearish below this.
• For Nifty Pharma, the 23,750–23,800 region is seen as critical support, with the index holding above major moving averages.
• Market participants flagged elevated volatility and a shift to defensives such as pharma and select CPSE names.

FAQs

Q: Why did Sensex and Nifty fall today?

• Global tech selloff, higher crude near $97, renewed Israel‑Iran tensions and continued FII selling dragged both indices to two‑month lows.

Q: Which sectors were hit the most in today’s session?

• IT, metals and downstream oil marketing companies underperformed, while broader mid- and small-caps also saw sharper declines than the benchmarks.

Q: Which pockets of the market held up despite the selloff?

• Pharma, CPSE and healthcare indices closed in positive territory, with stocks like JB Chemicals, Alkem and Mankind Pharma gaining as investors sought defensives.

Frequently Asked Questions

Why did Sensex and Nifty fall on 8 June 2026?

Sensex and Nifty fell due to a global tech-led selloff, crude oil nearing $97 per barrel, renewed Israel-Iran tensions and sustained FII selling, which together triggered broad-based risk aversion across Indian equities.

How did IT and pharma stocks perform in today’s market?

IT stocks underperformed, with Nifty IT down about 2% and names like Wipro and TCS declining, as global technology shares corrected. Pharma outperformed, with Nifty Pharma up around 1.4% and stocks such as JB Chemicals, Alkem and Mankind Pharma gaining.

What role did crude oil prices play in today’s market move?

Brent crude rose about 4% to near $97 a barrel on escalating West Asia tensions and potential Strait of Hormuz disruptions, hurting sentiment in oil-sensitive sectors like downstream OMCs and contributing to the broader equity selloff.