Market Commentary End Session News Details

Market snaps five-day rally as IT rout drags Nifty below 24,050

(19-Jun-26   17:00)

The domestic equity benchmarks ended sharply lower on Friday, snapping a five-session winning streak. The Nifty slipped below the 24,050 mark as a steep sell-off in IT stocks weighed on sentiment. Technology shares came under pressure after Accenture trimmed its revenue growth guidance and flagged weak demand visibility, raising concerns about global IT spending. Healthcare and pharma stocks, however, bucked the broader weakness. Investor sentiment was further affected by continued FII selling, weak global cues and rising geopolitical tensions in the Middle East. Profit booking following the recent market rally also added to the downside pressure.

The S&P BSE Sensex tumbled 607.08 points or 0.78% to 76,802.90. The Nifty 50 index declined 154.90 points or 0.64% to 24,013.10. In the previous five sessions, the Sensex jumped 4.85% and Nifty climbed 4.35%.

Infosys (down 6.50%), Reliance Industries (down 1.25%) and HDFC Bank (down 0.64%) were major Nifty drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index climbed 0.27% and the BSE 250 SmallCap Index rose 0.51%.

The market breadth was positive. On the BSE, 2,224 shares rose and 2,002 shares fell. A total of 197 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.34% to 12.97.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.15% to 6.853 compared with previous session close of 6.843.

MCX Gold futures for 05 August 2026 settlement lost 1.14% to Rs 147,200.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 100.59.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.3425 compared with its close of 94.4025 during the previous trading session.

In the commodities market, Brent crude for August 2026 settlement lost 41 cents or 0.51% to $79.44 a barrel.

Global Markets:

European markets traded mostly lower as investors weighed a fragile Middle East truce against concerns over the Federal Reserve's hawkish policy outlook.

Sentiment remained cautious after U.S. Vice President JD Vance cancelled a planned trip to Switzerland, where talks with Iranian negotiators were scheduled to discuss implementation of the recently agreed 14-point framework between Washington and Tehran.

Asian market ended mixed amid uncertainty over the progress of future U.S.-Iran negotiations. Media reports suggested Tehran was seeking stronger evidence of implementation of the recently signed memorandum of understanding with Washington before committing to further talks.

Iranian media also reported that Tehran was reluctant to proceed with additional negotiations amid concerns over continued Israeli military actions against Hezbollah in Lebanon.

Markets in mainland China, Hong Kong and Taiwan were closed for holidays. U.S. markets remained shut on Thursday on account of the Juneteenth holiday.

On Thursday, U.S. equities rebounded after the previous session's sell-off triggered by the Fed's rate outlook. The S&P 500 gained 1.08% to 7,500.58, the Nasdaq Composite advanced 1.91% to 26,517.93, and the Dow Jones Industrial Average rose 72.15 points, or 0.14%, to 51,564.70.

Stocks in Spotlight:

IT stocks witnessed sharp selling pressure on Friday after Accenture lowered its FY26 revenue growth guidance, raising concerns about a slowdown in technology spending.

Reflecting the negative sentiment, the Nifty IT index tumbled 3.65% to 27,426.85. Infosys led the losses, falling 6.50%, followed by LTIMindtree (-3.95%), TCS (-3.06%), Mphasis (-2.94%), Tech Mahindra (-2.33%), HCLTech (-2.23%), Persistent Systems (-2.09%), Wipro (-1.28%) and Coforge (-1.01%). Oracle Financial Services Software bucked the trend, rising 2.87%.

VA Tech WABAG surged 9.85% after the company secured a 'mega' Design, Build, Operate (DBO) contract from the Ministry of Electricity, Water & Renewable Energy (MEWRE), Kuwait, for the Doha SWRO Desalination Plant'Stage II.

MSP Steel and Power hit an upper circuit of 5% after the company entered into a power purchase agreement (PPA) with Elevate Solar Energy to procure solar power, aiming to increase its renewable energy consumption. Under the agreement, MSP Steel & Power will procure power from a 10 MWp (DC) contracted solar capacity at a tariff of Rs 3.17 per unit for a period of 25 years from the date of execution of the PPA.

Hiliks Technologies surged 10% after the company announced that it has entered into a subcontract agreement with KMC Constructions worth Rs 95.51 crore. The contract is for execution of signalling and telecommunication works in connection with the doubling of the railway track between Akanapet Junction and Medchal stations in Telangana. The project also includes the implementation of Kavach, the Indian Railways' indigenous train collision avoidance system, under South Central Railway.

Desco Infratech hit an upper circuit of 5% after the company announced that it had received a Letter of Intent (LOI) worth Rs 15.06 crore from Sabarmati Gas. The contract involves laying, installation, testing and commissioning of 4-inch, 6-inch and 8-inch diameter steel gas pipelines for FDODO CNG station connectivity.

Imagicaaworld Entertainment fell 2.61% after the company announced temporarily closure of operations of Imagicaa Water Park located Khopoli. In a regulatory filing made post market hours yesterday, the company stated that it is in receipt of communication from the Irrigation Department, Government of Maharashtra, directing the company to refrain from utilizing water from the dams, highlighting low water levels in the dams in surrounding region, considering the prevailing El Nino effect.

Bharat Forge advanced 0.80% after the company announced that its defence subsidiary, Kalyani Strategic Systems, has signed a strategic partnership with AM General, a leading military vehicle mobile defense capabilities solutions provider, at the Eurosatory defence exposition. The company said the strategic partnership between AM General and Kalyani Strategic Systems (KSSL) addresses the requirements of modern armies in an evolving combat scenario by providing compact, robust, lightweight, rugged, mobile, all-weather, all-terrain next-generation mounted artillery gun platforms with a distinct competitive edge.

Initial Public Offer (IPO):

TurtleMint Fintech Solutions received bids for 1,48,21,324 shares as against 3,29,01,878 shares on offer, according to stock exchange data at 16:50 IST on Friday (19 June 2026). The issue was subscribed 0.45 times.

The issue opened for bidding on 19 June 2026 and it will close on 23 June 2026. The price band of the IPO is fixed between Rs 144 and 152 per share.

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