IT-led selloff hits indices on oil, rupee worries

Indian equities fell for a second session, with Nifty closing just above 23,150 as an IT rout, firmer crude and West Asia tensions hit sentiment. Pharma and some private banks outperformed, but broader markets lagged while a weaker rupee and higher bond yields added to concerns.

Updated 11 Jun 2026, 4:30 pm IST · next at 11 Jun 2026, 10:30 pm IST

Sentiment

Cautiously negative

· IT sector correction
· Oil and rupee stress
· Geopolitical risk-off

What matters now

Sensex, Nifty end lower; Nifty closes just above 23,150
Nifty IT falls about 3%, down roughly 9% in six days
US-Iran tensions push Brent above $94, pressuring rupee and bonds
Pharma and private banks outperform; broader small-midcaps lag
Foreign outflows and target cuts add to risk-off mood

Stock categories in play

IT services▼ negativeInfosys, TCS, HCLTech slide; Nifty IT drops around 3% today.Screen lens: Generally screen-compliant; recheck leverage ratios.
Pharma▲ positivePharma stocks in demand, outperforming during broader market weakness.Screen lens: Usually compliant; verify debt and cash ratios.
Oil & gas◮ mixedRising crude aids upstream names but hurts OMCs and fuel users.Screen lens: Energy producers typically halal; confirm financial screening.
Banks & NBFCs◮ mixedPrivate banks support indices; PSU banks see intraday pressure.Screen lens: Conventional banks are interest-based, usually non-compliant.
Metals· neutralNo strong sector-specific moves highlighted in today’s trade.Screen lens: Often compliant; still check leverage and cash holdings.
Infrastructure

Geopolitical lens

US-Iran tensions

▼ negative

Escalation lifts oil, weakens rupee and weighs on risk assets in India.

West Asia conflict

▼ negative

Persistent conflict keeps global equities jittery and caps upside for domestic indices.

For the halal portfolio

Focus on financially solid, low-leverage halal-compliant names while riding out IT and oil-driven volatility.