{"id":15305,"date":"2026-06-23T10:00:50","date_gmt":"2026-06-23T10:00:50","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/finance\/sensex-falls-it-stocks-drag-2026-06-23\/"},"modified":"2026-06-23T10:02:33","modified_gmt":"2026-06-23T10:02:33","slug":"sensex-falls-it-stocks-drag-2026-06-23","status":"publish","type":"post","link":"https:\/\/lemonn.co.in\/blog\/market-updates\/sensex-falls-it-stocks-drag-2026-06-23\/","title":{"rendered":"Sensex falls 600 points, Nifty drops 1% as IT stocks slide"},"content":{"rendered":"
\"Sensex<\/figure>\n\n\n

Indian equities declined on Tuesday as Sensex<\/strong> fell about 600 points<\/strong> and Nifty<\/strong> slipped nearly 1%<\/strong>, tracking a global technology selloff, weakness in IT heavyweights and a softer rupee.<\/p>\n\n\n\n

Market overview<\/h2>\n\n\n\n
Index<\/strong><\/th>Close (approx.)<\/strong><\/th>Move & % Change<\/strong><\/th>Comments<\/strong><\/th><\/tr><\/thead>
Sensex<\/strong><\/td>approx. 76,400<\/td>about -600 pts (around -0.8%)<\/td>Fell over 700 points at day\u2019s low before partial recovery.<\/td><\/tr>
Nifty 50<\/strong><\/td>23,878.65<\/strong><\/td>-224.25 pts (-0.9%)<\/strong><\/td>Closed below 23,900 after intraday breach of 24,000.<\/td><\/tr>
Nifty Midcap 150<\/strong><\/td>NA<\/td>about -1.07%<\/td>Midcaps under pressure, underperformed headline indices.<\/td><\/tr>
Nifty Smallcap 250<\/strong><\/td>NA<\/td>about -0.82%<\/td>Smallcaps also declined, but fall was shallower than midcaps.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

    \n
  • Market capitalisation of BSE-listed firms fell by about \u20b94.57 lakh crore<\/strong>.<\/li>\n\n\n\n
  • Selling pressure intensified after weak cues from Asian and US technology stocks.<\/li>\n\n\n\n
  • Broader markets mirrored the decline, with both midcap and smallcap indices in the red.<\/li>\n<\/ul>\n\n\n\n

    Key movers<\/h2>\n\n\n\n

    Top losers<\/h3>\n\n\n\n
    Stock<\/strong><\/th>Sector<\/strong><\/th>Notable Factor<\/strong><\/th><\/tr><\/thead>
    Infosys<\/strong><\/td>IT services<\/td>Fell up to about 3.5% amid global tech weakness.<\/td><\/tr>
    TCS<\/strong><\/td>IT services<\/td>Declined around 3% as IT selling resumed.<\/td><\/tr>
    Tech Mahindra<\/strong><\/td>IT services<\/td>Dropped sharply with sector-wide pressure.<\/td><\/tr>
    Wipro<\/strong><\/td>IT services<\/td>Slid over 2% in line with peers.<\/td><\/tr>
    Adani Ports<\/strong><\/td>Ports & logistics<\/td>Among major Nifty laggards during the session.<\/td><\/tr>
    Tata Steel<\/strong><\/td>Metals<\/td>Featured in the list of key index losers.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

      \n
    • IT heavyweights contributed most to index losses.<\/li>\n\n\n\n
    • Profit booking was visible in recent outperformers after Nifty gains in six of last eight sessions.<\/li>\n<\/ul>\n\n\n\n

      Selected gainers (intraday reference)<\/h3>\n\n\n\n
      Stock<\/strong><\/th>Sector<\/strong><\/th>Notable Factor<\/strong><\/th><\/tr><\/thead>
      Bharat Electronics (BEL)<\/strong><\/td>Defence electronics<\/td>Gained nearly 1% on the Sensex.<\/td><\/tr>
      Bajaj Finserv<\/strong><\/td>Financials<\/td>Rose about 1%, supporting the benchmark.<\/td><\/tr>
      Trent<\/strong><\/td>Retail<\/td>Advanced close to 1%.<\/td><\/tr>
      ICICI Bank<\/strong><\/td>Banking<\/td>Added nearly 1%, partly offsetting IT drag.<\/td><\/tr>
      Titan<\/strong><\/td>Consumer discretionary<\/td>Climbed around 1% among Sensex gainers.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

        \n
      • Gains in select financials and consumer names limited the downside.<\/li>\n\n\n\n
      • Market breadth on NSE was earlier positive, but later sessions saw broader selling.<\/li>\n<\/ul>\n\n\n\n

        Sectoral action<\/h2>\n\n\n\n
        Sector \/ Index<\/strong><\/th>Direction (approx.)<\/strong><\/th>Key Drivers<\/strong><\/th><\/tr><\/thead>
        Nifty IT<\/strong><\/td>down about 1\u20133%<\/td>Global tech weakness and cautious outlook on discretionary IT spending.<\/td><\/tr>
        Nifty Metal<\/strong><\/td>down about 1%<\/td>Tracked risk-off sentiment and global growth concerns.<\/td><\/tr>
        Nifty Pharma<\/strong><\/td>up 0.4%<\/strong><\/td>Defensive buying interest supported the index.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

          \n
        • IT and metal indices led sectoral losses on the NSE.<\/li>\n\n\n\n
        • Pharma outperformed as investors rotated into defensives.<\/li>\n\n\n\n
        • Broader participation remained mixed, with stock-specific moves dominating.<\/li>\n<\/ul>\n\n\n\n

          Global cues and macro drivers<\/h2>\n\n\n\n
          Market \/ Asset<\/strong><\/th>Movement<\/strong><\/th>Notes<\/strong><\/th><\/tr><\/thead>
          Kospi (South Korea)<\/strong><\/td>down as much as 10%<\/strong><\/td>Semiconductor profit booking after record highs triggered circuit breakers.<\/td><\/tr>
          US tech stocks<\/strong><\/td>lower in prior session<\/td>Losses weighed on sentiment for global IT names.<\/td><\/tr>
          Brent crude<\/strong><\/td>+0.38%<\/strong> at $78.15<\/strong><\/td>Rebounded above $78 per barrel.<\/td><\/tr>
          US WTI crude<\/strong><\/td>higher at $74.19<\/strong><\/td>Tracked Brent gains on supply and geopolitical concerns.<\/td><\/tr>
          USD\/INR (index reference)<\/strong><\/td>rupee down 0.16%<\/strong><\/td>Rupee weakened amid firm dollar and Asian equity slump.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

          Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

            \n
          • Kospi\u2019s sharp fall and a halt in trading hurt risk appetite across Asia.<\/li>\n\n\n\n
          • Higher crude prices revived concerns on imported inflation and policy rates.<\/li>\n\n\n\n
          • Traders priced a higher probability of a future US Federal Reserve rate hike.<\/li>\n\n\n\n
          • Rising US yields raised the risk of foreign portfolio outflows from Indian assets.<\/li>\n<\/ul>\n\n\n\n
              \n
            • “Rising yields are negative for equity markets” said V K Vijayakumar, Chief Investment Strategist at Geojit Investments.<\/li>\n<\/ul>\n\n\n\n

              Domestic macro and rupee<\/h2>\n\n\n\n
              Statistic<\/strong><\/th>Value \/ Change<\/strong><\/th>Context<\/strong><\/th><\/tr><\/thead>
              Rupee vs USD<\/strong><\/td>down 0.16%<\/strong> to about 94.83<\/td>Weakness tracked Asian peers and higher US rate expectations.<\/td><\/tr>
              Monsoon deficit<\/strong><\/td>about 42.2%<\/strong><\/td>Poor rainfall raised concerns for growth and rural demand.<\/td><\/tr>
              BSE market cap<\/strong><\/td>approx. \u20b9475 lakh crore<\/strong><\/td>Nearly \u20b94.57 lakh crore<\/strong> of equity wealth erased.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

                \n
              • Analysts flagged the large monsoon deficit as a key domestic risk.<\/li>\n\n\n\n
              • Stability in the rupee and tapering foreign selling were cited as medium-term positives.<\/li>\n<\/ul>\n\n\n\n

                Technical outlook on Nifty<\/h2>\n\n\n\n
                  \n
                • A recent doji<\/strong> pattern with an upper wick below Friday\u2019s peak signalled loss of momentum.<\/li>\n\n\n\n
                • The pattern did not yet confirm an outright sell signal on the index.<\/li>\n\n\n\n
                • A move above last week\u2019s high of 24,189<\/strong> is seen as crucial to reignite upside momentum.<\/li>\n\n\n\n
                • Bajaj Broking expects a breakout above 24,189 to open room towards 24,300<\/strong>.<\/li>\n\n\n\n
                • Failure to clear 24,189 could keep Nifty consolidating between 23,900<\/strong> and 24,189<\/strong>.<\/li>\n\n\n\n
                • Immediate support lies in the 23,900 to 23,800<\/strong> band, coinciding with the 50-day EMA.<\/li>\n\n\n\n
                • Key short-term support is pegged at 23,500 to 23,600<\/strong>, the recent breakout zone.<\/li>\n\n\n\n
                • Major resistance is identified near 24,600<\/strong>, aligning with the April high and 200-day EMA.<\/li>\n<\/ul>\n\n\n\n

                  Momentum pockets in Nifty stocks<\/h2>\n\n\n\n
                    \n
                  • Five Nifty stocks showed a bullish Relative Strength Index upswing on June 22.<\/li>\n\n\n\n
                  • Cipla<\/strong>: RSI rose to 60.96<\/strong> from 43.59, indicating strengthening momentum.<\/li>\n\n\n\n
                  • Dr Reddy’s Laboratories<\/strong>: RSI climbed to 53.01<\/strong> from 45.29.<\/li>\n\n\n\n
                  • Bajaj Auto<\/strong>: RSI moved to 51.04<\/strong> from 45.78.<\/li>\n\n\n\n
                  • Reliance Industries<\/strong>: RSI increased to 50.91<\/strong> from 46.15.<\/li>\n\n\n\n
                  • SBI Life Insurance<\/strong>: RSI edged up to 50.61<\/strong> from 49.55.<\/li>\n\n\n\n
                  • Rising RSI values suggest potential buying interest in these counters despite index weakness.<\/li>\n<\/ul>\n\n\n\n

                    Opening cues from GIFT Nifty<\/h2>\n\n\n\n
                      \n
                    • GIFT Nifty<\/strong> traded around 24,183<\/strong>, above Monday\u2019s Nifty close of 24,102.90.<\/li>\n\n\n\n
                    • The derivative signal had indicated a positive to tepid open for the cash market.<\/li>\n\n\n\n
                    • Subsequent global risk-off moves and IT selling reversed early optimism.<\/li>\n<\/ul>\n\n\n\n

                      Outlook for investors<\/h2>\n\n\n\n
                        \n
                      • Improving West Asian peace prospects and Brent\u2019s earlier correction below $80 support the FY27 growth outlook.<\/li>\n\n\n\n
                      • Nifty has rallied about 1,800 points<\/strong> from March lows, leaving room for intermittent profit booking.<\/li>\n\n\n\n
                      • Analysts suggest using dips towards key support zones for staggered accumulation.<\/li>\n\n\n\n
                      • Market participants will track the US Federal Reserve\u2019s late-July FOMC commentary and evolving monsoon trends.<\/li>\n<\/ul>\n\n\n\n

                        Frequently Asked Questions<\/h2>\n\n\n\n

                        Why did IT stocks fall and drag the market lower?<\/h3>\n\n\n\n

                        IT stocks declined after a global technology selloff, weak US tech cues and cautious commentary on discretionary IT spending, which hurt sentiment in Indian IT majors like Infosys, TCS, Wipro and HCLTech.<\/p>\n\n\n\n

                        What are the key support and resistance levels for Nifty now?<\/h3>\n\n\n\n

                        Immediate support is in the 23,900 to 23,800 zone, with key short-term support at 23,500 to 23,600. Resistance is seen near 24,189 initially and then around 24,600, which aligns with the April high and 200-day EMA.<\/p>\n\n\n\n

                        How did global markets influence today\u2019s Sensex and Nifty moves?<\/h3>\n\n\n\n

                        A sharp fall in South Korea\u2019s Kospi, earlier losses in US tech stocks, firmer crude prices and rising US rate expectations triggered risk-off sentiment, leading to selling in Indian equities and a weaker rupee.<\/p>\n","protected":false},"excerpt":{"rendered":"

                        Indian equities declined on Tuesday as Sensex fell about 600 points and Nifty slipped nearly 1%, tracking a global technology selloff, weakness in IT heavyweights and a softer rupee. Market overview Index Close (approx.) Move & % Change Comments Sensex approx. 76,400 about -600 pts (around -0.8%) Fell over 700 points at day\u2019s low before […]<\/p>\n","protected":false},"author":15,"featured_media":15306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_ayudawp_aiss_exclude":false,"_ayudawp_aiss_summary":"Indian equities declined on Tuesday as Sensex fell about 600 points and Nifty slipped nearly 1%, tracking a global technology selloff, weakness in IT heavyweights and a softer rupee. GIFT Nifty traded around 24,183, above Monday\u2019s Nifty close of 24,102.90. A sharp fall in South Korea\u2019s Kospi, earlier losses in US tech stocks, firmer crude prices and rising US rate expectations triggered risk-off sentiment, leading to selling in Indian equities and a weaker rupee.","_ayudawp_aiss_summary_provider":"extractive","_ayudawp_aiss_summary_hash":"544db0506849aaa74d05bf7a52dfbcf0ba1d3cab","footnotes":""},"categories":[512],"tags":[],"class_list":["post-15305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"blocksy_meta":[],"uagb_featured_image_src":{"full":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner.png",1200,640,false],"thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-150x150.png",150,150,true],"medium":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-300x160.png",300,160,true],"medium_large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-768x410.png",768,410,true],"large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-1024x546.png",1024,546,true],"1536x1536":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner.png",1200,640,false],"2048x2048":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner.png",1200,640,false],"web-stories-poster-portrait":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-640x640.png",640,640,true],"web-stories-publisher-logo":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-96x96.png",96,96,true],"web-stories-thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/sensex-falls-it-stocks-drag-2026-06-23-banner-150x80.png",150,80,true]},"uagb_author_info":{"display_name":"Team Lemonn","author_link":"https:\/\/lemonn.co.in\/blog\/author\/yudh\/"},"uagb_comment_info":0,"uagb_excerpt":"Indian equities declined on Tuesday as Sensex fell about 600 points and Nifty slipped nearly 1%, tracking a global technology selloff, weakness in IT heavyweights and a softer rupee. Market overview Index Close (approx.) Move & % Change Comments Sensex approx. 76,400 about -600 pts (around -0.8%) Fell over 700 points at day\u2019s low before…","_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/comments?post=15305"}],"version-history":[{"count":2,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15305\/revisions"}],"predecessor-version":[{"id":15309,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15305\/revisions\/15309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media\/15306"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=15305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/categories?post=15305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/tags?post=15305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}