Market Updates Today: Rs 2 Lakh Crore Wiped Out As IT Stocks Crash; Sensex Falls 742 Points, Nifty Below 24,000

Market Updates Today, June 19: Snapping a five-day winning streak, Indian equity benchmarks came under pressure in the morning trade on Friday, with a sharp sell-off in information technology stocks erasing nearly Rs 2 lakh crore in investor wealth and dragging the broader market lower.

At 10:30 am, the BSE Sensex was down 741.94 points, or 0.96%, at 76,668.04, while the NSE Nifty 50 slipped 197.35 points, or 0.82%, to 23,970.65.

The market decline came after Accenture’s cautious outlook and guidance revision sparked a sell-off across Indian IT majors, raising concerns over near-term technology spending and demand trends.

Nearly Rs 2 Lakh Crore Eroded In Market Value

The sharp correction wiped out around Rs 1.95 lakh crore in market capitalisation from Sensex-listed companies within the first

hour of trade. The combined valuation of Sensex companies fell from Rs 4,77,60,908 crore in the previous session to Rs 4,75,65,708 crore, reflecting the impact of heavy selling in technology and select heavyweight stocks.

IT Stocks Bear The Brunt

The Nifty IT index remained the biggest laggard among sectoral gauges, plunging 5.52% to 26,894.05. The index has now moved close to its 52-week low of 27,078, highlighting the intensity of the correction.

Infosys emerged as the top loser on the Nifty, tumbling 7.69%, followed by TCS, which fell 5.82%. Tech Mahindra declined 4.70%, while HCLTech shed 4.39%.

The broader technology space also remained under pressure, with the Nifty MidSmall IT & Telecom index down 1.80%.

The sharp correction in Indian IT stocks was triggered by Accenture’s latest earnings report and management commentary, which reinforced concerns about demand visibility in the global technology services market.

Brokerage Goldman Sachs said it sees a negative read-across for Indian IT companies from Accenture’s results, citing continued uncertainty in the demand outlook. “We see a negative read-across for Indian IT companies from Accenture’s results, given continued low visibility on demand outlook,” Goldman Sachs analysts said.

Pharma, Media Buck The Trend

While most sectors traded in the red, defensive and selective pockets of the market outperformed. The Nifty Pharma index rose 0.27%, while the Nifty Healthcare Index gained 0.28%. The Nifty Media index advanced 1.01%, emerging as the best-performing sector.

Among Nifty gainers, NTPC jumped 1.24%, Bharat Electronics rose 1.22%, Bajaj Finance gained 0.60%, Power Grid advanced 0.36%, while ICICI Bank added 0.22%.

Reliance Industries also traded higher ahead of its closely watched annual general meeting later in the day.

Broader Markets Show Resilience

Despite the weakness in benchmark indices, broader market segments were relatively resilient. The Nifty Smallcap 100 gained 0.14%, Nifty Smallcap 250 rose 0.32%, and Nifty Smallcap 500 advanced 0.40%. The Nifty Microcap 250 climbed 0.63%.

This suggests that the selling pressure remains concentrated in large-cap IT stocks rather than indicating a broader risk-off move across the market.

However, volatility edged higher, with India VIX rising 4.47% to 13.24.

Banking Stocks See Profit Booking

Banking stocks witnessed mild profit booking after recent gains. The Nifty Bank index declined 0.59% to 57,620.20, while the Nifty Private Bank index fell 0.61%. HDFC Bank dropped 2.15%, Kotak Mahindra Bank slipped 0.61%, and Axis Bank lost 0.48%, weighing on the financial pack.

Market participants are also keeping a close watch on Reliance Industries’ annual general meeting later in the day for updates on its new energy business and potential progress on a Jio IPO.

What Analysts Say

V K Vijayakumar, chief investment strategist at Geojit Investments, said the market continues to draw support from improving macroeconomic conditions, particularly after the sharp correction in crude oil prices.

He noted that short covering by foreign institutional investors has aided the recovery in banking stocks and that further upside remains possible, although intermittent profit booking cannot be ruled out. He added that Accenture’s guidance cut has triggered selling in Indian IT majors and may lead to further near-term correction in domestic technology stocks, though valuations are becoming increasingly attractive at lower levels.

Vijayakumar also highlighted that the moderation in FII selling and strong domestic institutional buying continue to lend resilience to the market. He believes a buy-on-dips strategy could work well in the current market environment.

Ponmudi R, CEO of Enrich Money, said investor sentiment has improved following signs of easing geopolitical tensions and the reopening of the Strait of Hormuz, which has reduced concerns over global energy supply disruptions.

He added that crude oil prices stabilising in the $74-$76 per barrel range remain supportive for India’s macroeconomic outlook. The expected implementation of the India-UK Free Trade Agreement in July and progress on the proposed India-US interim trade deal have also improved sentiment. However, he cautioned that some profit booking cannot be ruled out after the recent rally in equities.

Foreign Institutional Investors (FIIs) remained net sellers on 18th June 2026, offloading equities worth over Rs 1,025 crore, reflecting continued caution amid prevailing global uncertainties. However, Domestic Institutional Investors (DIIs) continued to provide strong support to the market and remained net buyers, purchasing equities worth Rs 3,516 crore during the session. The sustained domestic inflows helped absorb foreign selling pressure and contributed to the market’s overall resilience.

Nifty Key Levels To Watch

Anand James, chief market strategist at Geojit Investments, said, “Despite the volatility, the upswing evolved on anticipated lines. The 24200 objective is still in play, with 24300-600 also continuing to be on the radar. However, inability to float 24100 could signal weakness, but a collapse may not unfold unless below 23,800.”