HDFC Bank, Infosys drive more than half of Nifty50’s 10% fall

With a fall of more than 10%, the benchmark Nifty50 is headed for its worst performance in 15 years. The last time the index posted a double-digit annual decline was in 2011, when it plunged 25%.

The index has lost nearly 2,700 points, or 10.3%, since the start of the year, with around 60% of its constituents trading in the red.

However, two stocks — HDFC Bank and Infosys — account for more than half of the Nifty50’s decline. HDFC Bank, the index’s highest-weighted stock, has contributed more than 1,000 points to the 2,698-point fall since the beginning of the year, while Infosys has contributed another 441 points, according to data compiled by CNBC-TV18.

Shares of HDFC Bank fell another 2.3% on Wednesday to close at ₹687.10 on the NSE, their lowest level since July 2022.

Reliance Industries was the next biggest drag, contributing 424 points to the index’s decline, followed by ITC and Tata Consultancy Services (TCS)

, which contributed 297 points and 220 points, respectively.

Financial Services continues to carry the highest weight in the Nifty50 at 36.5%, followed by Oil & Gas and Information Technology at 9.5% and 8.5%, respectively. IT stocks collectively had a weight of 10.4% at the beginning of the year.

Among stocks that have gained index weight, ICICI Bank’s weightage has risen by 1.3 percentage points to 9.3%, while Titan Company’s weight has increased by half a percentage point to 1.9%.

The prolonged sell-off in IT stocks has, meanwhile, dragged down the sector’s weight in the index. The Nifty IT index — the worst-performing sectoral index so far this year — has plunged 24%, with Wipro and Infosys leading the declines among Nifty50 constituents, falling around 36% each.

Tata Consultancy Services has declined 31%, while

HCL Technologies has fallen 24% over the same period.

The Nifty50 extended its decline for a third consecutive session on Wednesday, hitting a three-month low of 23,431.50 as renewed tensions in West Asia pushed Brent crude back to $100 a barrel for the first time since July.

The sell-off has also pushed the Nifty50 into oversold territory on the Relative Strength Index (RSI), which stood at 26.4 — its lowest level since March 13, 2026.