{"id":15310,"date":"2026-06-23T11:19:52","date_gmt":"2026-06-23T11:19:52","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/finance\/it-stocks-drag-nifty-lower-2026-06-23\/"},"modified":"2026-06-23T11:21:35","modified_gmt":"2026-06-23T11:21:35","slug":"it-stocks-drag-nifty-lower-2026-06-23","status":"publish","type":"post","link":"https:\/\/lemonn.co.in\/blog\/market-updates\/it-stocks-drag-nifty-lower-2026-06-23\/","title":{"rendered":"IT stocks drag Nifty as global tech rout hits Dalal Street"},"content":{"rendered":"
\"Nifty<\/figure>\n\n\n

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<\/strong> down 1.16%<\/strong> to 23,824<\/strong>, its biggest single-day decline in nearly four weeks.<\/p>\n\n\n\n

Market overview<\/h2>\n\n\n\n
Index<\/strong><\/th>23 Jun close<\/strong><\/th>Move & % change<\/strong><\/th>Comments<\/strong><\/th><\/tr><\/thead>
Nifty 50<\/strong><\/td>23,824<\/td>-278 pts (-1.16%)<\/td>Closed below 24,000 after broad-based selling.<\/td><\/tr>
Sensex<\/strong><\/td>approx.<\/td>-1.28%<\/td>Tracked Nifty lower through the session.<\/td><\/tr>
Nifty Midcap<\/strong><\/td>approx.<\/td>Negative<\/td>Ended in the red with wider market.<\/td><\/tr>
Nifty Smallcap<\/strong><\/td>approx.<\/td>Negative<\/td>Declined in line with broader risk-off mood.<\/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
  • All sectoral indices ended lower, led by metals, IT and PSU banks.<\/li>\n\n\n\n
  • Profit booking emerged after recent gains in several pockets.<\/li>\n\n\n\n
  • Stronger US dollar hurt commodity-linked and export-oriented stocks.<\/li>\n<\/ul>\n\n\n\n

    Global cues<\/h2>\n\n\n\n
    Market\/Asset<\/strong><\/th>Movement<\/strong><\/th>Notes<\/strong><\/th><\/tr><\/thead>
    Kospi (South Korea)<\/strong><\/td>-10%<\/td>Fall triggered circuit breaker and temporary halt.<\/td><\/tr>
    Nikkei 225 (Japan)<\/strong><\/td>-3.55%<\/td>Closed at 69,788.38, breaking eight-session winning streak.<\/td><\/tr>
    Hang Seng (Hong Kong)<\/strong><\/td>-1.82%<\/td>Closed at 23,336.28.<\/td><\/tr>
    CSI 300 (China)<\/strong><\/td>-2.77%<\/td>Finished at 4,919.39.<\/td><\/tr>
    STOXX 600 Technology<\/strong><\/td>more than -3%<\/td>Reflected global tech stock rout.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
      \n
    • Weakness followed profit booking in US tech majors such as Alphabet, Meta, Amazon and Microsoft.<\/li>\n\n\n\n
    • Expectations of a possible US Federal Reserve rate hike lifted the dollar toward its highest level since May 2025.<\/li>\n\n\n\n
    • Stronger dollar weighed on risk assets globally and pressured commodities.<\/li>\n<\/ul>\n\n\n\n

      IT stocks under pressure<\/h2>\n\n\n\n
      Top IT stocks<\/strong><\/th>Move on 23 Jun<\/strong><\/th>Notable factor<\/strong><\/th><\/tr><\/thead>
      Infosys<\/strong><\/td>down up to 2.44%<\/td>Biggest IT laggard on Nifty, hit by global tech weakness.<\/td><\/tr>
      TCS<\/strong><\/td>down more than 2%<\/td>Tracked global tech selloff and weak sentiment.<\/td><\/tr>
      Wipro<\/strong><\/td>-3.16% close at \u20b9174.49<\/td>Hit new 52-week low during session.<\/td><\/tr>
      HCL Tech<\/strong><\/td>down over 1%<\/td>Continued recent softness in large-cap IT.<\/td><\/tr>
      Mphasis<\/strong><\/td>down over 1%<\/td>Declined along with broader IT pack.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
        \n
      • Nifty IT index<\/strong> fell 1.64%<\/strong> to 27,174.45<\/strong>, extending its downtrend.<\/li>\n\n\n\n
      • Infosys traded around \u20b91,039 to \u20b91,042, emerging as the top sector laggard.<\/li>\n\n\n\n
      • TCS slipped to about \u20b92,098, while HCL Technologies traded near \u20b91,116.<\/li>\n\n\n\n
      • Wipro dropped below prior support levels and broke its previous 52-week low of \u20b9174.89.<\/li>\n\n\n\n
      • IT sentiment weakened after Accenture cut its full-year FY26 revenue growth forecast to 3\u20134% from 3\u20135%.<\/li>\n\n\n\n
      • Accenture also guided fourth-quarter revenue below analyst expectations, raising concerns on global tech spending.<\/li>\n\n\n\n
      • Indian IT firms, with significant US exposure, faced renewed worries on discretionary IT budgets.<\/li>\n<\/ul>\n\n\n\n

        Technical outlook for Nifty IT<\/h2>\n\n\n\n
          \n
        • Nifty IT<\/strong> remains in a firm downtrend across time frames.<\/li>\n\n\n\n
        • The index is trading below both short-term and long-term moving averages.<\/li>\n\n\n\n
        • Immediate key support is at 26,180<\/strong>, the identical lows of calendar years 2022 and 2023.<\/li>\n\n\n\n
        • Volatility in IT is expected to stay high ahead of quarterly results.<\/li>\n\n\n\n
        • Price action shows no sign of reversal of the corrective trend yet.<\/li>\n\n\n\n
        • A move above the 50-day EMA around 29,325<\/strong> and a higher high, higher low pattern on weekly charts would signal trend reversal.<\/li>\n\n\n\n
        • “Pricewise there is still no sign of reversal of the corrective trend, hence suggest to technically avoid at current levels” Mukherjee said.<\/li>\n<\/ul>\n\n\n\n

          Metals, PSU banks and other key movers<\/h2>\n\n\n\n
          Segment<\/strong><\/th>Direction (approx.)<\/strong><\/th>Key drivers<\/strong><\/th><\/tr><\/thead>
          Nifty Metal<\/strong><\/td>down 3.22%<\/td>Stronger dollar and risk-off mood hit metal counters.<\/td><\/tr>
          Nifty PSU Bank<\/strong><\/td>down 1% to 2.23%<\/td>Profit booking after recent rally.<\/td><\/tr>
          Nifty IT<\/strong><\/td>down 1.64%<\/td>Global tech rout and weaker outlook from Accenture.<\/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
          • Vedanta<\/strong> and NALCO<\/strong> fell more than 6%<\/strong> each in heavy metal sector selling.<\/li>\n\n\n\n
          • Hindustan Zinc<\/strong>, Jindal Steel<\/strong>, NMDC<\/strong>, SAIL<\/strong> and JSW Steel<\/strong> declined over 3%<\/strong>.<\/li>\n\n\n\n
          • Among PSU banks, Canara Bank<\/strong>, Bank of Baroda<\/strong>, UCO Bank<\/strong>, PNB<\/strong>, Bank of Maharashtra<\/strong>, Indian Bank<\/strong>, Central Bank of India<\/strong> and SBI<\/strong> lost between 1.5%<\/strong> and 3.3%<\/strong>.<\/li>\n\n\n\n
          • HFCL<\/strong> dropped another 3.5%<\/strong> on profit booking, though it remains up about 200%<\/strong> in 2026.<\/li>\n\n\n\n
          • Angel One<\/strong> slipped 3.6%<\/strong> to \u20b9342<\/strong> per share.<\/li>\n<\/ul>\n\n\n\n

            Stocks that bucked the trend<\/h2>\n\n\n\n
            Top gainers<\/strong><\/th>Sector<\/strong><\/th>Notable factor<\/strong><\/th><\/tr><\/thead>
            Cohance Lifesciences<\/strong><\/td>Pharma<\/td>Jumped 13% to \u20b9457, led gainers despite weak market.<\/td><\/tr>
            Meesho<\/strong><\/td>Technology<\/td>Gained more than 5%.<\/td><\/tr>
            Piramal Pharma<\/strong><\/td>Pharma<\/td>Advanced over 5%.<\/td><\/tr>
            Gland Pharma<\/strong><\/td>Pharma<\/td>Rose more than 5%.<\/td><\/tr>
            Neuland Laboratories<\/strong><\/td>Pharma<\/td>Climbed over 5%.<\/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
            • Ather Energy<\/strong> reversed recent losses, rising 5%<\/strong> to \u20b91,006<\/strong>.<\/li>\n\n\n\n
            • Kirloskar Oil Engines<\/strong> added 4.8%<\/strong> to \u20b92,504<\/strong>, extending gains after a 20% upper circuit on a data centre order win.<\/li>\n\n\n\n
            • Schneider Electric<\/strong>, ZF Commercial Vehicle<\/strong>, Laurus Labs<\/strong>, PhysicsWallah<\/strong>, Apar Industries<\/strong>, Aurobindo Pharma<\/strong>, Syrma SGS Technology<\/strong>, Info Edge (India)<\/strong>, Ola Electric<\/strong>, JSW Infrastructure<\/strong>, CarTrade Tech<\/strong> and Zydus Lifesciences<\/strong> rose between 2.5%<\/strong> and 3.5%<\/strong>.<\/li>\n<\/ul>\n\n\n\n

              Key market statistics<\/h2>\n\n\n\n
              Statistic<\/strong><\/th>Value \/ Change<\/strong><\/th>Context<\/strong><\/th><\/tr><\/thead>
              Wipro 1-month return<\/strong><\/td>-13.82%<\/td>Reflects sustained pressure on the stock.<\/td><\/tr>
              Wipro 1-year return<\/strong><\/td>-33.16%<\/td>Indicates prolonged underperformance.<\/td><\/tr>
              Wipro 3-month return<\/strong><\/td>-5.62%<\/td>Shows recent trend remains negative.<\/td><\/tr>
              Wipro 6-month beta<\/strong><\/td>0.2422<\/td>Suggests lower volatility versus broader market.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
                \n
              • Wipro traded below multiple short-term support levels during the session.<\/li>\n\n\n\n
              • The stock moved under its second and third intraday support bands.<\/li>\n\n\n\n
              • Short-term moving averages for Wipro, including 3-day and 7-day EMAs, remain above the current price.<\/li>\n<\/ul>\n\n\n\n

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

                Why did Indian IT stocks fall on 23 June?<\/h3>\n\n\n\n

                – 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.<\/p>\n\n\n\n

                What is the current technical trend for the Nifty IT index?<\/h3>\n\n\n\n

                – 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.<\/p>\n\n\n\n

                Which sectors led the decline in the Indian market?<\/h3>\n\n\n\n

                – 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

                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 […]<\/p>\n","protected":false},"author":15,"featured_media":15311,"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 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. 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.","_ayudawp_aiss_summary_provider":"extractive","_ayudawp_aiss_summary_hash":"f926d2dae9033a957a24c7a56a4567d7c640dbff","footnotes":""},"categories":[512],"tags":[],"class_list":["post-15310","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\/it-stocks-drag-nifty-lower-2026-06-23-banner.png",1200,640,false],"thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner-150x150.png",150,150,true],"medium":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner-300x160.png",300,160,true],"medium_large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner-768x410.png",768,410,true],"large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner-1024x546.png",1024,546,true],"1536x1536":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner.png",1200,640,false],"2048x2048":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner.png",1200,640,false],"web-stories-poster-portrait":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner-640x640.png",640,640,true],"web-stories-publisher-logo":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-2026-06-23-banner-96x96.png",96,96,true],"web-stories-thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/it-stocks-drag-nifty-lower-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 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…","_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15310","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=15310"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15310\/revisions"}],"predecessor-version":[{"id":15312,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15310\/revisions\/15312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media\/15311"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=15310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/categories?post=15310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/tags?post=15310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}