The Indian stock market slumped in Tuesday’s trade, June 23, tracking weakness across global markets amid a sharp retreat in technology stocks worldwide. The sell-off triggered another wave of weakness in domestic IT shares, while a stronger US dollar weighed on metal stocks and profit-booking in PSU counters further pressured the headline indices.
The market opened the session on a weak note, and selling pressure persisted throughout the day, dragging the Nifty 50 down 1.16% to close below the 24,000 mark at 23,824. The decline marked the index’s biggest single-day fall in nearly four weeks.
The BSE Sensex posted a similar decline of 1.28%, while the Nifty Midcap 100 and Nifty Smallcap 100 indices also ended the session in the red. Amid the broad-based sell-off, all sectoral indices closed lower, with losses led by the Nifty Metal index, which plunged 3.22%.
It was followed by the Nifty IT, Nifty PSU Bank, Nifty Media, Nifty Realty, and Nifty Cement indices, all of which declined between 1% and 2.23%.
Among major Asian markets, South Korea’s Kospi plunged 10%, triggering a circuit breaker and temporarily halting trading. Meanwhile, Japan’s Nikkei 225 declined 3.55% to close at 69,788.38, snapping an eight-session winning streak.
Hong Kong’s Hang Seng Index fell 1.82% to close at 23,336.28, while mainland China’s CSI 300 dropped 2.77% to 4,919.39. In Europe, the STOXX 600 Technology Index plunged more than 3%, reflecting the global rout in technology stocks.
Apart from the weakness in global technology shares, growing expectations of a potential interest rate hike by the US Federal Reserve later this year also weighed on investor sentiment.
Those expectations boosted demand for the US dollar, pushing it close to its highest level since May 2025 and adding further pressure on risk assets and commodity-linked sectors.
Broad-based selling hits metals, tech and PSU banks
Metal counters witnessed heavy selling pressure in trade, with shares of Vedanta and NALCO sliding more than 6% each. Hindustan Zinc, Jindal Steel, NMDC, SAIL, and JSW Steel were among the other major losers, declining over 3%.
Technology stocks also came under significant pressure, led by Infosys, which cracked 3.4%. It was followed by TCS, Wipro, HCL Technologies, Mphasis, and Tech Mahindra, all of which fell between 1.5% and 3.2%.
Among PSU banking stocks, Canara Bank, Bank of Baroda, UCO Bank, Punjab National Bank, Bank of Maharashtra, Indian Bank, Central Bank of India, and State Bank of India closed with losses ranging between 1.5% and 3.3%.
After a relentless rally, HFCL continued to witness profit-booking, with the stock falling another 3.5% in Tuesday’s session. Despite the recent correction, the stock remains up 200% so far in 2026.
Meanwhile, Angel One shares shed 3.6% to ₹342 apiece, while Muthoot Finance, Linde India, and Paradeep.
Cohance Lifesciences, pharma stocks shine despite market sell-off
Amid the broad-based sell-off, a handful of stocks bucked the trend, with Cohance Lifesciences leading the gainers’ pack after surging 13% to ₹457 apiece. Meesho, Piramal Pharma, Gland Pharma, and Neuland Laboratories were among the top performers, each rallying more than 5%.
Reversing its recent losses, Ather Energy shares jumped 5% to ₹1,006 apiece. Kirloskar Oil Engines extended its winning streak, gaining another 4.8% to ₹2,504 apiece. The rally came a day after the stock was locked in the 20% upper circuit following a major order win in the data centre segment.
Other stocks that managed to post gains despite the weak market included Schneider Electric, ZF Commercial Vehicle, Laurus Labs, PhysicsWallah, Apar Industries, Aurobindo Pharma, Syrma SGS Technology, Info Edge (India), Ola Electric, JSW Infrastructure, CarTrade Tech, and Zydus Lifesciences. These stocks advanced between 2.5% and 3.5% during the session.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
