Sensex falls 250 points, Nifty closes below 23,900 despite Maruti Suzuki’s 5% surge

Sensex falls 250 points, Nifty slips below 23,900 as IT stocks drag markets

Indian benchmark indices ended lower on the final trading session of June, with heavyweight IT stocks leading the decline as investors turned cautious ahead of key US economic data and fresh signals on the Federal Reserve’s interest rate outlook.

The BSE Sensex dropped 249.70 points, or 0.33%, to close at 76,478.67, while the NSE Nifty50 fell 80.50 points, or 0.34%, to end at 23,865.75.

Markets opened on a positive note but gave up early gains as selling pressure intensified through the session. Despite Tuesday’s decline, both benchmark indices ended June with monthly gains, supported by softer crude oil prices, easing foreign investor outflows and measures that helped stabilise the rupee.

IT stocks were the biggest laggards, with the Nifty IT index falling 2.08%. Infosys plunged 3.49%, TCS lost 3%, HCLTech declined 2.82% and Tech Mahindra slipped 2.08%.

Among Sensex stocks, Infosys, TCS, HCLTech, Tech Mahindra, ITC and Hindustan Unilever were among the top losers. Maruti Suzuki bucked the trend, surging more than 5%, while Titan, Bajaj Finance, Eternal and Adani Ports also ended with gains.

Sectorally, IT posted the steepest decline, while auto, FMCG, financial services and metal indices also closed lower. Realty and consumer durables were among the few sectors to finish in positive territory.

Broader markets remained under pressure as well. The Nifty 100, Nifty 200 and Nifty 500 fell up to 0.29%, although the Nifty Smallcap 100 outperformed with a gain of 0.27%. India VIX, the market’s volatility gauge, rose 2.16%, reflecting increased investor caution.

Brent crude traded around $73.25 a barrel, remaining below levels seen before the Iran conflict, while the rupee weakened marginally to close at 94.66 against the US dollar from its previous close of 94.54.

Why did the market fall?

Analysts attributed the decline largely to weakness in technology stocks as investors awaited key US employment data and further clarity on the Federal Reserve’s interest rate trajectory.

Vinod Nair, Head of Research at Geojit Investments Limited, said the domestic market remained range-bound despite easing geopolitical tensions.

“The domestic market remained in a consolidation phase, trading within a narrow range and exhibiting a mixed trend. Although geopolitical concerns have eased, the fragile nature of the US-Iran peace deal continues to weigh on sentiment, preventing any meaningful directional move,” he said.

Nair added that IT stocks bore the brunt of selling as investors closely tracked upcoming US employment data and comments from the new Federal Reserve chair for clues on future rate cuts.

He also flagged concerns over the monsoon trend, saying a rainfall deficit could affect agricultural output and dampen expectations for first-quarter FY27 earnings.

At the same time, he noted that stable crude oil prices, a relatively steady rupee and moderating foreign institutional investor (FII) outflows are likely to provide near-term support to Indian equities, with large-cap stocks expected to outperform.