Indian equities slip on IT rout and oil worries

Sensex and Nifty ended lower for a second straight session, with Nifty closing just above 23,150 as IT stocks extended their sharp slide amid US inflation and AI-related concerns. Risk-off sentiment from escalating US-Iran tensions, firmer crude and a weaker rupee added pressure, even as pharma and private banks lent some support and bonds rose on easing oil earlier in the day.

Updated 11 Jun 2026, 10:02 pm IST · next at 12 Jun 2026, 4:02 am IST

Sentiment

Cautious negative

· IT sector rout
· US-Iran tensions and oil

What matters now

Nifty ends below 23,200 as broader markets underperform
Nifty IT falls about 3%, down nearly 10% in a week
US-Iran tensions lift crude, weigh on rupee and risk assets
Pharma and private banks cushion headline index losses
Foreign selling and lower Nifty targets reinforce caution

Stock categories in play

IT services▼ negativeInfosys, TCS, HCL Tech lead steep Nifty IT decline.Screen lens: Generally screen-friendly; check leverage and cash ratios.
Pharma▲ positivePharma stocks gain, emerging as key defensive support.Screen lens: Typically Shariah-compliant; verify financial ratios.
Banks & NBFCs◮ mixedPrivate banks outperform even as Bank Nifty slips from highs.Screen lens: Conventional banks are interest-based; usually non-compliant.
Oil & gas◮ mixedRising crude and rupee weakness aid upstream, pressure OMCs and macro.Screen lens: Most compliant on business; check debt levels.
Media▲ positiveNifty Media index rises around 1.8%, outperforming broader market.Screen lens: Media content may raise ethical screens.

Geopolitical lens

US-Iran tensions

▼ negative

Heightened tensions lift oil, hurt rupee and keep risk appetite subdued.

Global rate moves

◮ mixed

ECB hike and global inflation worries sustain volatility in yields and equities.

For the halal portfolio

Stay with fundamentally sound, lower-leverage Shariah-compliant names, accepting volatility from geopolitics and IT weakness.