Closing Bell: Nifty Dips Over One Percent as IT and Metal Giants Drag Market Lower | 23 Jun 2026, 03:45 PM IST
By Sivam
Indian equities conclude Tuesday’s session in the red, with the Nifty 50 shedding -294.75 points to close at 23808.15. Weakness in IT and metal stocks primarily drove the market’s decline.
Indian equity markets closed Tuesday’s session in the red, with benchmark indices recording significant declines. The Nifty 50 shed −294.75 points, or −1.22%, to settle at 23808.15. The broader market also felt the pressure, as the Nifty Bank index fell by −808.95 points (−1.40%) to 57126.65, and the NIFTY Midcap 100 declined by −695.35 points (−1.11%) to 62033.75.
Despite the overall index weakness, market breadth on the Nifty 50 was surprisingly positive, with 31 stocks advancing against 19 declines. This indicates that the index’s downward movement was largely driven by underperformance in a few heavyweight stocks, rather than a broad-based sell-off across the entire fifty-stock universe.
Index Performance Snapshot
| Name | Close | Change | Change% |
|---|---|---|---|
| Nifty 50 | 23808.15 | −294.75 | −1.22% |
| Nifty Bank | 57126.65 | −808.95 | −1.40% |
| NIFTY Midcap 100 | 62033.75 | −695.35 | −1.11% |
Key Movers: IT and Metals Drag, Pharma Resilient
The session’s decline was primarily fueled by significant selling pressure in technology and metal sector heavyweights. Among the top losers were IT majors Infosys, which fell by −3.59%, Wipro by −3.36%, and Tata Consultancy Services (TCS) by −3.34%. The metal sector also witnessed substantial corrections, with Tata Steel declining by −3.07%, JSW Steel by −2.91%, and Hindalco Industries by −2.84%. Adani group stocks, including Adani Enterprises and Adani Ports, also featured among the top decliners.
In contrast, the pharmaceutical sector showed resilience, with Cipla leading the Nifty 50 gainers, rising by +1.33%. Dr. Reddy’s Laboratories and Sun Pharmaceutical Industries also posted modest gains of +0.69% and +0.30%, respectively. Power Grid Corporation of India Ltd. was another notable gainer, advancing by +0.81%, following news of it emerging as a successful bidder for a transmission project.
Top Nifty 50 Performers
| Company | Close (₹) | Change% |
|---|---|---|
| Gainers | ||
| Cipla Ltd. (CIPLA) | 1434.5 | +1.33% |
| Power Grid Corporation Of India Ltd. (POWERGRID) | 292.1 | +0.81% |
| Dr. Reddy’s Laboratories Ltd. (DRREDDY) | 1299.6 | +0.69% |
| Sun Pharmaceutical Industries Ltd. (SUNPHARMA) | 1868.4 | +0.30% |
| Maruti Suzuki India Ltd. (MARUTI) | 13460 | +0.29% |
| Axis Bank Ltd. (AXISBANK) | 1360.4 | +0.13% |
| Apollo Hospitals Enterprise Ltd. (APOLLOHOSP) | 8480 | +0.13% |
| Shriram Finance Ltd. (SHRIRAMFIN) | 993.2 | +0.04% |
| Losers | ||
| Infosys Ltd. (INFY) | 1027.1 | −3.59% |
| Adani Enterprises Ltd. (ADANIENT) | 2953.8 | −3.46% |
| Wipro Ltd. (WIPRO) | 174.13 | −3.36% |
| Tata Consultancy Services Ltd. (TCS) | 2056.7 | −3.34% |
| Tata Steel Ltd. (TATASTEEL) | 192.87 | −3.07% |
| JSW Steel Ltd. (JSWSTEEL) | 1245.1 | −2.91% |
| Bharat Electronics Ltd. (BEL) | 419.1 | −2.87% |
| Hindalco Industries Ltd. (HINDALCO) | 985.4 | −2.84% |
| Adani Ports and Special Economic Zone Ltd. (ADANIPORTS) | 1780.7 | −2.54% |
| JIO Financial Services Ltd. (JIOFIN) | 237.55 | −2.40% |
Institutional Flows
Foreign Institutional Investors (FIIs) were net sellers on Tuesday, offloading equities worth −₹635.91 crore. This marks a shift from their net buying activity on June 19. Domestic Institutional Investors (DIIs), however, provided support to the market by registering net purchases of +₹1035.72 crore, partially offsetting the FII outflows.
What to Watch
As markets look ahead to Wednesday’s session, participants will closely monitor global cues and the continued trend of institutional investor activity. The performance of key sector heavyweights, particularly in IT and metals, will remain crucial for market direction.