Sectoral Snapshot Today, September 9, 2026: IT Stocks Drag As Metals And Energy Gain

Mumbai, September 9: Indian equities ended sharply lower on Wednesday as a surge in crude oil prices above $100 a barrel intensified concerns over inflation, interest rates and corporate earnings. The selling was broad-based, with 13 of the 16 major sectoral indices ending in the red, while IT stocks emerged as the biggest drag on the benchmarks. 

The Nifty IT index fell 3.2%, extending its recent weakness as investors remained cautious ahead of key US inflation data that could influence expectations around the Federal Reserve’s next rate decision. Metals and energy were the only major sectors to buck the broader decline, gaining 1.8% and 0.6%, respectively. 

IT Stocks Lead Sectoral Decline 

Information technology stocks bore the brunt of the selling, with the Nifty IT index falling 3.2%. The sector remained under pressure as investors assessed the potential impact of higher US interest rates on discretionary technology spending, particularly in the US, a key market for Indian IT companies. 

Coforge was among the biggest losers, declining 5.4% after chairman Om Prakash Bhatt resigned following concerns raised by an internal audit over the company’s board evaluation process. The stock-specific development added to pressure on the IT index. Infosys, HCL Technologies, Tech Mahindra, and Wipro were among the biggest Nifty laggards. 

The sector’s weakness came as markets awaited US inflation readings later this week. A stronger-than-expected inflation print could reinforce expectations of tighter monetary policy, potentially weighing on technology spending and valuations. 

Metals, Energy Defy Weak Market 

Metal stocks emerged as the strongest performers on Wednesday, with the Nifty Metal index gaining 1.8% despite the sharp decline in the broader market. 

Adani Enterprises was among the standout gainers, rising 5.1% after the company agreed to sell up to a 5.54% stake in its airport unit. The transaction provided a company-specific boost to the stock and helped support the metal and broader commodity-linked segment. Jindal Stainless surged 6% after the company announced the deployment of a supplier-risk management platform with environmental, social and governance (ESG) capabilities, as the stainless steel maker steps up its digital transformation and sustainability initiatives. 

Energy stocks also bucked the market trend, with the Nifty Energy index rising 0.6% as crude prices rose, although the broader market impact of expensive oil remained negative for the Indian economy.  

Adani Power jumped 3% after the company announced the transfer of rights and obligations under a 2,500 MW renewable energy round-the-clock power supply contract awarded by Maharashtra State Electricity Distribution Company to a group company. 

Coal India gained for third session, rising 2.6%. 

Oil Surge Weighs On Rate-Sensitive Sectors 

The sharp rise in crude oil prices remained the dominant macro concern for Indian equities. Brent crude crossed $100 a barrel for the first time since July 24 as the conflict in the Middle East escalated, raising fears of further disruption to oil supplies and transport routes. 

For India, higher crude prices pose a particular risk given the country’s heavy dependence on imported oil. Expensive crude can raise the import bill, pressure the rupee and add to inflation, potentially complicating the outlook for monetary policy. 

The rupee also weakened past the ₹95-per-dollar mark as higher oil prices boosted demand for dollars. 

Realty, Financials Also Under Pressure 

The selling extended to several rate-sensitive and domestic sectors. Realty stocks declined sharply, while private banks and other financial stocks also remained under pressure as investors assessed the potential economic impact of higher energy costs. 

The broader market was relatively more resilient, although both the Nifty Midcap and Nifty Smallcap indices fell 0.5% each. 

Overall, the sectoral trend reflected growing investor caution as oil prices approach a potentially more disruptive level. While metals and energy stocks provided pockets of strength, the sharp fall in IT and weakness across most other sectors kept the market firmly in risk-off territory. 

Source

•  NSE