IT-led selling keeps Indian equities under pressure

Indian equities fell for a second session as IT and defence stocks dragged indices amid rising US-Iran tensions and higher oil. Pharma, media and some private banks limited losses, while a weaker rupee and lower Nifty targets kept mood cautious.

Updated 11 Jun 2026, 8:01 pm IST · next at 12 Jun 2026, 2:01 am IST

Sentiment

Cautious negative

· IT, defence selling
· Oil, rupee worries
· Lower index targets

What matters now

Sensex falls about 150 points, Nifty closes near 23,150
IT index drops around 3%, extending a multi-session rout
US-Iran tensions and higher oil prices weigh on risk appetite
Rupee weakens as oil companies buy dollars, bonds soften
Brokerages cut Nifty targets, signalling moderated return expectations

Stock categories in play

IT services▼ negativeNifty IT down about 3%, extending 6–7 day slide on AI concerns.Screen lens: Generally screen-compliant; low leverage usually helps ratios.
Pharma▲ positivePharma stocks outperform, providing defensive support and recent strong returns.Screen lens: Mostly permissible; check individual leverage and cash ratios.
Banks & NBFCs◮ mixedPrivate banks firm; Bank Nifty off intraday highs amid volatility.Screen lens: Conventional banks, NBFCs are interest-based and not Shariah-compliant.
Media▲ positiveNifty Media Index gains around 1.8%, bucking broader market weakness.Screen lens: Business nature often contentious; needs case-by-case Shariah review.
Oil & gas◮ mixedHigher crude lifts upstream sentiment; fuels rupee pressure and bond worries.Screen lens: Core business halal; watch leverage and interest income exposure.

Geopolitical lens

US-Iran tensions

▼ negative

Heightened tensions lift oil, hurt risk assets and rupee, support defensives.

Middle East oil risk

▼ negative

Oil volatility clouds inflation path, weighing on rate-sensitive, import-heavy sectors.

For the halal portfolio

Shariah-focused investors may prioritise resilient, low-debt sectors and hold some cash for volatility.