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Benchmarks remain under pressure; IT stocks tumble
Jun-19-2026

Indian markets remained under selling pressure in late afternoon session amid mixed global cues and due to sell-off in IT, TECK down and Oil & Gas stocks. Sharp fall in IT stocks was primarily driven by overnight carnage in Accenture Plc, which tumbled 17% after it released its quarterly earnings and guidance. Traders were also concerned as the India Meteorological Department (IMD) 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. Some cautiousness came as rating agency ICRA said that India Inc likely to witness moderation in its revenue growth to mid-to-high single digit in Q1 (April-June) 2026-27 as compared with the 13.2 per cent growth recorded in the fourth quarter of FY26.

On the global front, European markets were trading mostly higher aided by gains in energy and healthcare stocks. Asian markets were trading mixed as optimism over the US-Iran deal to end their war was dimmed by the postponement of high-stakes talks on reopening negotiations over Iran's nuclear program and getting oil moving through the Strait of Hormuz.

The BSE Sensex is currently trading at 76684.39, down by 725.59 points or 0.94% after trading in a range of 76499.22 and 76858.80. There were 9 stocks advancing against 21 stocks declining on the index.

The top gaining sectoral indices on the BSE were Telecom up by 1.39%, Capital Goods up by 0.68%, Power up by 0.66%, Industrials up by 0.49% and Healthcare up by 0.36%, while IT down by 4.44%, TECK down by 2.57%, Oil & Gas down by 1.08%, Realty down by 1.02% and Energy down by 0.88% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 1.41%, Eternal up by 1.14%, Power Grid up by 1.11%, NTPC up by 0.87% and Bajaj Finance up by 0.54%. On the flip side, Infosys down by 7.61%, TCS down by 4.73%, Tech Mahindra down by 3.78%, HCL Technologies down by 3.58% and HDFC Bank down by 2.42% were the top losers.

Meanwhile, President of the Federation of Indian Export Organisations (FIEO) S C Ralhan has welcomed the landmark Memorandum of Understanding (MoU) signed between the US and Iran to de-escalate the West Asia conflict, terming it as a significant breakthrough that promises to reshape global trade dynamics. He said that the agreement provides much-needed macroeconomic relief for India's export-import sector, acting as a powerful catalyst for growth after months of regional disruptions.

He noted that the conflict had weighed heavily on India's trade performance, particularly exports to Middle Eastern markets, which witnessed substantial contraction during the peak of the crisis. Core sectors bore the brunt of this instability. With the cessation of hostilities and the broader economic integration of the region, he anticipates an immediate and robust revival in order books. Besides, according to him, a stable West Asia unlocks pent-up consumer and industrial demand, paving the way for Indian exporters to scale up their presence and accelerate shipment trajectories over the next few fiscal quarters. 

FIEO President further said that as a nation dependent on imports for over 85% of its crude oil requirements, global energy prices dictate the country’s domestic manufacturing cost structures. The threat to regional supply chains previously drove Brent crude to elevated levels, spiking India's wholesale inflation. Following the MoU, Brent crude has corrected sharply toward the $78 per barrel range. This cooling of the geopolitical risk premium directly lowers the import bill, reduces fuel-led inflation, and dramatically softens input costs for heavily crude-dependent export sectors like plastics, paints, textiles, and chemicals, improving the country’s global competitiveness.

The CNX Nifty is currently trading at 23979.55, down by 188.45 points or 0.78% after trading in a range of 23913.15 and 24011.50. There were 15 stocks advancing against 34 stocks declining, while 1 stock remained unchanged on the index.

The top gainers on Nifty were Bharti Airtel up by 1.31%, Eternal up by 1.10%, Power Grid up by 1.06%, NTPC up by 0.91% and Adani Enterprises up by 0.70%. On the flip side, Infosys down by 7.56%, TCS down by 4.64%, Tech Mahindra down by 4.19%, HCL Technologies down by 3.60% and HDFC Bank down by 2.43% were the top losers.

Asian markets were trading mixed; KOSPI dropped 11.42 points or 0.13% to 9,052.42 and Straits Times fell 32.73 points or 0.63% to 5,180.11. On the other hand, Nikkei 225 surged 56.51 points or 0.08% to 71,110.00 and Jakarta Composite was up by 23.94 points or 0.39% to 6,196.28.

European markets were trading mostly in green; Germany’s DAX rose 109.5 points or 0.44% to 25,136.30 and France’s CAC added 24.82 points or 0.29% to 8,492.80, while UK’s FTSE 100 decreased 17.95 points or 0.17% to 10,381.75.
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