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Bears hold tight grip over Dalal Street
Jun-19-2026

Bears were holding a tight grip over the Dalal Street in early afternoon deals, with both Sensex and Nifty suffering with hefty losses, amid weak cues from other Asian markets along with heavy selling at IT and TECK counters, after Accenture slashed its annual revenue growth forecast, raising concerns around the outlook for Indian IT companies. Some concerns came after the India Meteorological Department (IMD) in its latest data has showed that India is facing a nationwide rainfall deficit of 41 per cent between June 4 and June 18, 2026, as the southwest monsoon stalled over southern Maharashtra. As per the data, the country has received just 42.6 mm of rainfall against the normal 72.2 mm during the above-mentioned period. 

On the global front, Asian markets were trading mostly in red, even after Japan inflation remained unchanged in May as government measures helped to bring down energy prices. The data from the Ministry of Internal Affairs and Communications showed that core consumer prices, excluding fresh food, registered a steady growth of 1.4 percent in May. The rate also matched expectations.

The BSE Sensex is currently trading at 76595.44, down by 814.54 points or 1.05% after trading in a range of 76557.31 and 76858.80. There were 11 stocks advancing against 19 stocks declining on the index.

The top gaining sectoral indices on the BSE were Telecom up by 1.30%, Power up by 0.65%, Capital Goods up by 0.54%, Healthcare up by 0.45% and Industrials up by 0.42%, while IT down by 4.97%, TECK down by 3.09%, Oil & Gas down by 1.14%, Realty down by 1.00% and Auto down by 0.84% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.02%, Power Grid up by 0.87%, Bharti Airtel up by 0.86%, Sun Pharma up by 0.63% and Bajaj Finance up by 0.54%. On the flip side, Infosys down by 7.63%, TCS down by 5.68%, Tech Mahindra down by 4.58%, HCL Tech. down by 4.04% and HDFC Bank down by 2.42% were the top losers.

Meanwhile, the India Meteorological Department (IMD) in its latest data has showed that India is facing a nationwide rainfall deficit of 41 per cent between June 4 and June 18, 2026, as the southwest monsoon stalled over southern Maharashtra. As per the data, the country has received just 42.6 mm of rainfall against the normal 72.2 mm during the above-mentioned period.

IMD’s region-wise rainfall departure map showed rainfall deficits of 67 per cent in central India, 42 per cent in east and northeast India, 22 per cent in the southern peninsula, and 6 per cent in northwest India. The department attributed the slowdown in the monsoon’s advance to the absence of favourable large-scale meteorological conditions, which has prevented it from progressing into the remaining parts of Maharashtra over the past few days.

The IMD identified five key factors behind the slowdown in the monsoon’s northward progress, including the lack of a strong surge from the Arabian Sea, low-level southwesterly winds associated with the monsoon circulation, and weak cross-equatorial flow over the western Indian Ocean and the Arabian Sea. It explained that during an active monsoon phase, increased cloud formation over southern India is carried northward by monsoon winds, resulting in enhanced rainfall. In the absence of such conditions, rainfall activity across most parts of Maharashtra is likely to remain isolated over the next four to five days.

The sluggish progress of the southwest monsoon, combined with the recent emergence of El Nino conditions over the equatorial Pacific Ocean - which leads to less rainfall in India - could have significant implications for kharif crops that depend on timely monsoon rains. Recently, Union Agriculture Minister Shivraj Singh Chouhan had directed officials to identify districts that may face low or uneven rainfall and prepare crop-specific contingency plans in coordination with state governments.

The CNX Nifty is currently trading at 23965.70, down by 202.30 points or 0.84% after trading in a range of 23936.25 and 24011.50. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were NTPC up by 0.98%, Power Grid up by 0.87%, Bharti Airtel up by 0.79%, Sun Pharma up by 0.59% and Bajaj Finance up by 0.55%. On the flip side, Infosys down by 7.58%, TCS down by 5.74%, Tech Mahindra down by 4.76%, HCL Tech. down by 3.96% and Wipro down by 2.88% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 33.77 points or 0.55% to 6,138.57, KOSPI dropped 11.42 points or 0.13% to 9,052.42 and Straits Times fell 44.38 points or 0.85% to 5,168.46, while Nikkei 225 surged 56.51 points or 0.08% to 71,110.00.
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