Closing Bell: Sensex Slides 893 Points, Nifty Falls Below 23,850 as IT Stocks Tumble and Global Risk-Off Sentiment Grips Markets

23 Jun 2026 , 05:53 PM

The Indian benchmark indices posted their sharpest decline in several sessions on June 23, 2026, with Nifty tumbling to 23,824 and Sensex crashing 893 points to close at 76,200, as a massive 10% plunge in South Korea’s Kospi triggered global circuit breakers and sent shockwaves through Asian markets. A continued selloff in IT stocks following Accenture’s weak outlook, renewed fears of higher US interest rates, and fresh FII selling compounded the pressure. Metal stocks bore the brunt of the global risk-off mood, while Pharma stood alone as the only sector to close in the green on defensive buying. 

Market Overview: Nifty, Sensex, and Bank Nifty Performance 

• Nifty 50 closed at 23,824.10 down 278.80 points (1.16%) 

• Sensex ended at 76,200.68, down 893.39 points (1.16%) 

• Nifty Bank settled at 57,183.75, down 751.85 points (1.38%) 

 

Top Gaining Stocks Today 

1. Cipla Limited –closing at 1,435.00 up by 1.36% 
2. Power Grid Corporation of India Limited– closing at 292.50 up by 0.95% 

 

Top Losing Stocks Today

1. Infosys Limited – closing at1,029.00 down by 3.42% 
2. Wipro Limited – closing at174.39 down by 3.21% 
3. Tata Consultancy Services Limitedhttps://www.indiainfoline.com/company/oil-natural-gas-corpn-ltd-share-price– closing at 2,060.00 down by 3.19%  
4. JSW Steel Limited– closing at 1,242.70 down by 3.10% 
5. Adani Enterprises Limited– closing at 2,964.60 down by 3.10% 

 

Sectoral Index Performance  

Indices	Change
Nifty Metal	-3.22%
Nifty IT	-2.23%
Nifty PSU Bank	-1.97%
Nifty Consumer Durables	-1.50%
Nifty Media	-1.47%
Nifty Energy	-1.24%
Nifty Realty	-1.12%
Nifty Financial Services Ex-Bank	-0.96%
Nifty Infrastructure	-0.95%
Nifty Oil & Gas	-0.90%
Nifty Chemical	-0.81%
Nifty Pharma	0.92%

 

Key Reasons for Sectoral Performance

Pharma (+0.92%) emerged as the only major gaining sector as investors shifted towards defensive stocks amid broad market weakness and rising global uncertainty. Healthcare and pharmaceutical companies attracted buying interest due to their stable earnings visibility, lower sensitivity to economic cycles, and defensive nature during periods of market volatility. 

Metal (-3.22%) was the worst-performing sector as weak global market sentiment, concerns over slowing industrial demand, and the sharp correction in Asian markets triggered heavy selling across commodity-linked stocks. IT (-2.23%) remained under pressure following Accenture’s weaker outlook and concerns about slower global technology spending, while continued weakness in global technology and AI-related stocks further hurt sentiment. PSU Banks (-1.97%), Financial Services Ex-Bank (-0.96%), and Infrastructure (-0.95%) witnessed profit booking amid FII selling and rising risk aversion. Consumer Durables (-1.50%), Media (-1.47%), and Realty (-1.12%) declined as investors reduced exposure to economically sensitive sectors following the recent market rally. Energy (-1.24%), Oil & Gas (-0.90%), and Chemicals (-0.81%) also traded lower due to broad-based selling pressure and concerns over global growth momentum, despite lower crude oil prices remaining supportive for the longer-term outlook. 

 

Main Reasons for Stock Market down Today  

1. Sharp Sell-Off in IT Stocks Dragged the Market Lower
   The IT sector remained under heavy pressure after Accenture’s weaker revenue outlook revived concerns about slowing global technology spending. Major IT stocks such as Infosys, TCS, Wipro, and HCL Tech witnessed fresh selling as investors worried about weaker demand for digital transformation, consulting, and discretionary technology projects. 
2. Massive Correction in South Korea’s Kospi Hurt Global Sentiment
   Asian markets witnessed a sharp sell-off after South Korea’s Kospi plunged nearly 10%, triggering market-wide circuit breakers. Heavy profit booking in semiconductor and AI-related stocks, along with weakness in Japan, Hong Kong, and Taiwan, created a global risk-off sentiment that negatively impacted Indian equities.
3. Concerns Over Higher US Interest Rates Returned
   Investor concerns increased after expectations grew that the US Federal Reserve may keep interest rates higher for longer. Rising US Treasury yields and fears of tighter global liquidity prompted investors to reduce exposure to riskier assets, particularly technology and growth stocks.
4. FII Selling, Rupee Weakness, and Rising Volatility Added Pressure
   Foreign Institutional Investors (FIIs) remained net sellers, offloading around ₹636 crore worth of equities. At the same time, the rupee weakened against the US dollar and India VIX jumped nearly 9%, reflecting rising uncertainty and reducing investor confidence.
5. Profit Booking After the Recent Market Rally
   After gaining nearly 4% over the previous few sessions, investors chose to lock in profits amid weak global cues. The combination of stretched valuations in technology stocks, global market weakness, and cautious sentiment led to broad-based selling across sectors such as IT, Metals, Banking, and Financials. 

Summary– 

Indian markets witnessed a sharp correction on 23 June 2026, with the Sensex and Nifty posting their biggest decline in several sessions as weak global cues, heavy selling in technology stocks, and rising risk aversion weighed on investor sentiment. 

• IT stocksemerged as the biggest drag on the market, with Infosys, TCS, Wipro, and other technology majors witnessing sharp declines after concerns resurfaced over slowing global technology spending following Accenture’s weaker outlook. 
• Metal stocks led sectoral losses, as a sharp correction in Asian markets, particularly South Korea’s Kospi, raised concerns about global growth and industrial demand, triggering heavy selling across commodity-linked companies.
• Banking, Financials, Consumer Durables, Realty, and Infrastructure stocks also came under pressureas investors booked profits after the recent rally and adopted a risk-off approach amid global uncertainty and continued FII selling. 
• Pharma was the only major outperformer,benefiting from defensive buying as investors shifted towards sectors with stable earnings visibility and lower economic sensitivity. 

With the Nifty 50 falling 278.80 points (-1.16%) to 23,824.10, Sensex declining 893.39 points (-1.16%) to 76,200.68, and Bank Nifty dropping 751.85 points (-1.38%) to 57,183.75, market sentiment was hurt by the sharp IT sell-off, the massive correction in Asian markets, concerns over higher US interest rates, renewed FII selling, rupee weakness, and profit booking after the recent rally. While lower crude oil prices and progress in US-Iran negotiations remain supportive for the medium-term outlook, investors turned cautious amid rising global volatility and weakening technology sector sentiment. 

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