Nifty hovers near 23,150 as IT selling deepens

Indian equities stayed weak, with Sensex down about 150 points and Nifty near 23,150 as IT stocks fell sharply on US inflation and AI-related worries. Broader markets lagged while higher crude, rupee softness and West Asia tensions capped risk appetite despite support from select pharma and private banks.

Updated 12 Jun 2026, 4:35 am IST · next at 12 Jun 2026, 10:35 am IST

Sentiment

Cautious negative

· IT rout and profit-taking
· Oil, rupee and Iran tensions

What matters now

Sensex ends below 74,000, Nifty near 23,150 in choppy trade
IT index drops ~3% on US inflation and AI-related concerns
Broader markets lag despite gains in select pharma and private banks
US-Iran tensions and higher oil weigh on risk assets
Rupee weak on crude recovery, hurting importers and OMC sentiment

Stock categories in play

IT services▼ negativeInfosys, TCS, HCLTech extend 7-day slide on AI, US demand fears.Screen lens: Generally screen-compliant; check leverage ratios.
Banks & NBFCs◮ mixedPrivate banks support index; Bank Nifty off intraday highs.Screen lens: Conventional banks, NBFCs usually non-compliant.
Pharma▲ positivePharma stocks outperform, offering defence in a weak market.Screen lens: Often pass business screens; still verify ratios.
Defence▼ negativeDefence stocks see selling as investors de-risk on global worries.Screen lens: Business generally permissible; check contracts and leverage.
Oil & gas◮ mixedHigher crude aids upstream but pressures OMCs, margins and macro.Screen lens: Many names screen-eligible; review debt levels.
Mid & small caps

Geopolitical lens

US-Iran tensions

▼ negative

Renewed West Asia risk lifts oil, weakens rupee and adds risk-off.

Middle East risk premium

▼ negative

Persistent regional worries keep global investors cautious on India.

For the halal portfolio

Stay calm and stick to fundamentally sound, Shariah-compliant names as volatility from IT weakness, oil and geopolitics persists.