Market Wrap, 23 June 2026: Nifty 50, Sensex Slide Amid Metal And IT Sell-Off

Benchmark indices traded sharply lower on Tuesday, with metal and information technology (IT) stocks leading losses. The effect of the sell-off in global technology shares was felt in domestic markets. At the closing bell:

• Nifty 50 stood at 23,824.10, down 1.16%

• Sensex stood at 76,200.68, down 1.16%

The broader market indices also traded lower. The Nifty Midcap 100 index fell 1.05% while the Nifty Smallcap 100 index fell 0.48%.

Metal And IT Stocks Lead Sectoral Losses

Among sectoral indices, the Nifty Metal and Nifty IT emerged as the biggest laggards. However, healthcare-linked segments showed relative strength. The Nifty Pharma and Nifty Healthcare outperformed the broader market. They were the few pockets that attracted investor interest during the session (see table).

Why Markets Fell Today?

Markets declined following a global tech meltdown where:

• KOSPI tumbled 10% with trading halted for a few minutes following the triggering of the circuit limit.

• US futures declined following the fall in KOSPI.

At the same time, the following contributed to today’s weakness:

• Fears of a US Fed rate hike have increased due to higher oil prices stemming from the Middle East conflict.

• A sell-off in IT stocks, with heavyweights like TCS, Infosys, Wipro and HCL Tech falling approximately 3% in early trade.

• The Indian rupee slid against the US dollar in early trade following a decline in Asian stocks.

Other Important Headlines

Some other important headlines are:

• Bharti Airtel has boosted its stake in Airtel Africa to nearly 79% through a swap deal worth ₹28,200 crore.

• Akasha Air is targeting a 30% capacity growth in the current financial year with a focus on strong capitalisation.

• NLC India is planning to raise over ₹1 trillion through domestic and overseas borrowings to fund its ₹1.25 trillion expansion programme.

Also Read - Stock Market Holiday on June 26: NSE, BSE to Remain Closed for Muharram; Trading to Resume on June 29

Gold And Silver Watch

Gold and silver prices fell on the Multi-Commodity Exchange (MCX) amid a strong dollar. At 15:36, gold June futures on the MCX stood at ₹1,46,645 per 10 grams, down 0.99%. July silver futures during the same time stood at ₹2,27,917 per kg, down 2.73%.

Investors are likely to track whether weakness in global technology stocks persists and continues to affect sentiment in domestic IT counters. Market participants are also likely to monitor if selling pressure in metal shares eases in the coming sessions or extends further.

Sources:

Business Standard

CNBC TV18

The Economic Times