Sectoral Snapshot Today, September 7, 2026: IT, Media, Metal Stocks Drag As Pharma Bucks Weak Trend

Mumbai, September 7: Indian equities saw broad-based selling on Monday, with most sectoral indices ending lower as investors remained cautious amid elevated crude prices, escalating Middle East tensions and rising expectations of a US Federal Reserve rate hike. The Nifty IT index emerged as one of the biggest sectoral laggards, while pharma bucked the broader weakness. 

The pressure was reflected across the market, with 14 of the 16 major sectoral indices ending in the red. The Nifty 50 fell 0.50% to 23,779.15, slipping below the key 23,800 level, while the Sensex declined 0.50% to 76,132.81. 

IT stocks lead sectoral decline 

The Nifty IT index fell 2.28%, making it one of the worst-performing sectoral gauges. Infosys led the decline among index constituents, falling 3.76%, while TCS, Tech Mahindra, Coforge and LTIMindtree also ended lower. Infosys was the biggest drag on the Nifty. 

The weakness came after stronger-than-expected US jobs data increased expectations of a Federal Reserve rate hike this month. Higher US rates could weigh on corporate spending and demand for technology services, particularly for Indian IT companies that derive a significant portion of their revenue from the US market. The rate outlook was among the factors weighing on investor sentiment. 

Media, metals and PSU banks under pressure 

The Nifty Media index was another major underperformer, falling sharply during the session. PVR Inox shares dropped 6.1% following reports of an internal probe into alleged kickbacks worth ₹200 crore involving an executive and cinema property projects. The multiplex operator, however, said its preliminary review had found no evidence of any such payments. Zee Entertainment fell 6.4% after reports that India’s premier investigating agency registered an FIR against founder and Chairman Emeritus Subhash Chandra and others over alleged fraud involving LIC Housing Finance. 

Metal stocks also saw significant selling, while the Nifty PSU Bank index declined 1.06%. Realty stocks too remained under pressure. 

The weakness across cyclical and rate-sensitive sectors reflected the broader risk-off mood. Higher crude prices have added to inflation concerns, while uncertainty around the Fed’s monetary policy path has kept investors cautious. Brent crude climbed towards $96.8 a barrel, amid concerns that escalating tensions in the Middle East could disrupt energy supplies. 

The combination is particularly important for Indian equities because higher oil prices can widen the country’s import bill, pressure the rupee and raise input costs for several industries. 

Pharma bucks broader trend 

The Nifty Pharma index rose 0.75%, making it the standout sectoral performer and one of the few major sectoral indices to finish in positive territory. 

Apollo Hospitals was among the leading Nifty gainers, rising 1.3%, while Max Healthcare also advanced, rising 0.7%. The relative resilience of healthcare stocks offered some defensive support as investors moved away from sectors more exposed to global growth, interest-rate and commodity risks. 

Auto, FMCG relatively resilient 

Some sectors were comparatively stable despite the broader market decline. The Nifty Auto index slipped only 0.04%, while FMCG fell 0.66%. Financial services declined 0.44%, broadly in line with the benchmark’s 0.50% fall. 

The relatively contained decline in auto and FMCG stocks provided some stability, although the broader sectoral picture remained negative. 

Broader market under pressure 

The weakness also extended to broader indices. The Nifty Midcap 100 fell 0.46%, while small-cap stocks were relatively resilient. 

Going ahead, sectoral performance is likely to remain sensitive to crude prices and developments in the Middle East. 

Source

•  NSE