IT stocks drag markets lower; Sensex falls 304 points, Nifty ends under 23,450

The equity benchmark indices BSE Sensex and NSE Nifty closed in the red on Wednesday (June 3), after a volatile session, though indices recovered from the day’s lows, led by gains in banking shares.

The Sensex fell 304 points to close at 74,346, while the Nifty declined 78 points to settle at 23,406, ending below the 23,450 mark. The Nifty Bank index outperformed broader markets and closed higher for the second straight session, gaining 471 points to 54,186. In contrast, the Midcap index declined 255 points to 60,687.

IT stocks remained under pressure during the session, dragging the broader market lower. The Nifty IT index snapped its three-day winning streak, with all constituents ending in the red. Weakness in IT heavyweights, along with losses in ITC, Larsen & Toubro and Sun Pharma, weighed on benchmark indices.

From the Sensex basket, Apollo Hospitals Enterprise Ltd, Tata Motors Passenger Vehicles Ltd, Max Healthcare Institute Ltd, State Bank Of India

, Trent Ltd and Oil and Natural Gas Corporation Ltd were the major gainers. Tata Consultancy Services Ltd, Tech Mahindra Ltd, HCL Technologies Ltd, Infosys Ltd, Wipro Ltd and ITC Ltd were the biggest laggards.

Among midcap stocks, Coforge, Persistent Systems, Tata Elxsi, Mphasis and PB Fintech emerged as the top losers. On the gaining side, NHPC rose nearly 5% after its offer-for-sale was fully subscribed. Upstream oil companies Oil India and ONGC gained over 1% each as Brent crude climbed to nearly $99 per barrel.

Borosil Renewables surged more than 8% after the government extended countervailing duty on solar glass imports. Concord Biotech gained 4% following US FDA approval for an organ rejection drug.

CarTrade Tech jumped 10% after Kotak upgraded the stock and raised its target price to ₹2,300 per share. Among sectoral indices, the Nifty PSU Bank index emerged as the top gainer, with Indian Bank rising nearly 3%.

InterGlobe Aviation, which operates IndiGo, rebounded from the day’s lows after the Union Cabinet cleared a ₹10,000 crore ATF stabilisation fund. Market breadth remained weak, with declines outnumbering advances on the NSE. The advance-decline ratio stood at 2:3.