Sensex Falls 151 Points, Nifty Slips Below 23,200 as IT Rout Overshadows Strength in Media, Pharma and Private Banks

Mumbai, June 11: Indian benchmark indices ended lower on Thursday, with the Nifty slipping below the 23,200 mark, as a sharp selloff in information technology stocks and weakness across rate-sensitive sectors outweighed gains in media, pharmaceutical and private banking shares. 

The BSE Sensex fell 150.63 points, or 0.20%, to close at 73,832.55, while the NSE Nifty 50 declined 53.35 points, or 0.23%, to 23,161.60. Market breadth remained weak, with 2,681 stocks declining against 1,325 advances on the NSE, reflecting broad-based risk aversion amid rising crude oil prices and lingering concerns over the global economic outlook. 

IT Stocks Lead Declines 

Technology shares bore the brunt of the selling pressure, with the Nifty IT index tumbling 1.6%. Infosys and HCL Technologies emerged among the top losers on the Nifty 50 as investors continued to assess the impact of artificial intelligence on the traditional IT services business model. 

The Sensex rose above the red line during the day only to fall back again as most sectors bled. Source: BSE 

The sector remained under pressure after comments from industry leaders and growing concerns that rapid AI adoption could disrupt labour-intensive outsourcing services, a key revenue driver for Indian software exporters. Weak global technology sentiment further weighed on the sector. 

Oil Surge Hits Crude-Sensitive Counters 

Investor sentiment was also dented by a fresh spike in crude oil prices after escalating tensions in the Middle East raised fears of supply disruptions. 

Oil marketing companies such as HPCL, BPCL and Indian Oil Corporation came under pressure as investors questioned whether recent fuel price hikes would be enough to offset rising crude costs. Aviation, paint and chemical stocks also witnessed selling amid fears of higher input expenses. 

Media, Pharma and Banks Shine 

Nifty 50 tried to rise but IT clipped its wings and pulled it back into the red. Source: NSE  

Despite the broader weakness, select pockets of the market witnessed strong buying interest. The Nifty Media index surged nearly 2%, aided by gains in Zee Entertainment after the broadcaster approved a ₹2,300-crore fundraising plan and strengthened its sports portfolio with FIFA media rights. 

Pharmaceutical stocks also attracted defensive buying, helping the Nifty Pharma index gain around 0.6%. Sun Pharmaceutical Industries was among the top gainers on the benchmark index. 

Private sector banks outperformed, with the Nifty Private Bank index rising about 0.5%. ICICI Bank and Kotak Mahindra Bank featured among the top gainers on the Nifty, helping limit losses in the headline indices. 

Broader Markets Underperform 

The weakness was more pronounced in the broader market, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 0.8% and 0.7,% respectively. Realty, PSU Bank, Energy and Consumer Durables indices also ended lower, reflecting cautious investor sentiment. 

Among Nifty constituents, ICICI Bank, Kotak Mahindra Bank, Sun Pharma, Mahindra & Mahindra and JSW Steel were the top gainers, while Infosys, HCL Technologies, Adani Ports, Bajaj Finance and Eternal led the declines. 

With geopolitical tensions keeping oil prices elevated and global investors wary of higher-for-longer interest rates, market participants are likely to remain cautious in the near term despite resilience in select domestic sectors. 

Source

• NSE
• BSE