Morning Brief: Nifty Dips 0.64% to 24,013 Amid IT Sector Weakness; FIIs Net Buy ₹4,859 Cr | 22 Jun 2026, 08:16 AM IST
By Sivam
Indian equities saw a downturn with Nifty 50 closing at 24,013.1, down 0.64%, largely driven by a significant correction in the IT sector. FIIs were net buyers of ₹4,859 crore.
Indian benchmark indices opened the week with a cautious tone, as the Nifty 50 shed 154.9 points, or -0.64%, to close at 24,013.1. The broader market saw mixed sentiment, with the Nifty Midcap 100 posting a modest gain, while the Bank Nifty also ended in the red. A sharp decline in the IT sector weighed heavily on overall market performance.
Market Snapshot
| Index | Last |
|---|---|
| Nifty 50 | 24,013.1 (-0.64%) |
| Nifty Bank | 57,685.75 (-0.48%) |
| Nifty Midcap 100 | 62,517.3 (+0.22%) |
Institutional Flows
Foreign Institutional Investors (FIIs) turned net buyers on June 19, infusing ₹4,859.07 crore into Indian equities, while Domestic Institutional Investors (DIIs) were net sellers of ₹1,159.64 crore. Over the last five sessions, FII activity has been mixed, with significant buying on June 19 offsetting earlier selling pressure.
| Date | FII Net (₹ Cr) | DII Net (₹ Cr) |
|---|---|---|
| 2026-06-19 | 4,859.07 | -1,159.64 |
| 2026-06-18 | -1,025.20 | 3,516.81 |
| 2026-06-17 | 101.59 | 1,561.40 |
| 2026-06-16 | -749.18 | 0.06 |
| 2026-06-15 | 200.05 | 3,189.26 |
SEBI data shows FIIs were net sellers in equities by ₹1,806.59 crore on June 19, but net buyers in the debt market by ₹247.6 crore. This contrasts with the previous two days, which saw FII net equity inflows.
| Date | FII Equity Net (₹ Cr) | FII Debt Net (₹ Cr) |
|---|---|---|
| 2026-06-19 | -1,806.59 | 247.60 |
| 2026-06-18 | 886.08 | 1,823.40 |
| 2026-06-17 | 2,885.14 | 3,638.82 |
Sector Performance
The IT sector was the biggest drag, with the Nifty IT index plummeting -3.65%. Other sectors like Realty, Auto, PSU Bank, and Financial Services also closed lower. Nifty Pharma was the sole gainer, rising +0.73%.
| Sector | Last |
|---|---|
| Nifty Pharma | 24,460.3 (+0.73%) |
| Nifty FMCG | 49,558.7 (-0.19%) |
| Nifty Financial Services | 26,431.15 (-0.57%) |
| Nifty Auto | 26,583.35 (-0.61%) |
| Nifty PSU Bank | 8,716.5 (-0.62%) |
| Nifty Realty | 811.9 (-1.01%) |
| Nifty IT | 27,426.85 (-3.65%) |
Top Movers
Eternal Ltd. led the Nifty 50 gainers, while IT majors Infosys and TCS were among the top losers.
Gainers
| Symbol | Company | Last |
|---|---|---|
| ETERNAL | Eternal Ltd. | 264.3 (+2.22%) |
| BHARTIARTL | Bharti Airtel Ltd. | 1910.8 (+1.92%) |
| POWERGRID | Power Grid Corporation Of India Ltd. | 292.25 (+1.23%) |
| NTPC | NTPC Ltd. | 365.8 (+1.06%) |
| NESTLEIND | Nestle India Ltd. | 1414.8 (+1.03%) |
Losers
| Symbol | Company | Last |
|---|---|---|
| INFY | Infosys Ltd. | 1051.4 (-6.75%) |
| TCS | Tata Consultancy Services Ltd. | 2125 (-3.55%) |
| TECHM | Tech Mahindra Ltd. | 1409.6 (-2.63%) |
| HCLTECH | HCL Technologies Ltd. | 1131.7 (-2.59%) |
| HDFCBANK | HDFC Bank Ltd. | 779.8 (-2.40%) |
Global Cues & Economy
Bond yields traded marginally higher on Friday. On the macro front, India is optimistic about achieving $200 billion in exports to BRICS countries by 2030. The India-UK free trade pact is set to formally enter into force on July 15, aiming to double two-way commerce to $100 billion by 2030. India and Canada also aim to finalize a free trade agreement by the end of 2026.
Inflation remains a key concern, with May WPI Inflation hitting 9.68% and retail inflation surging to 3.93%, both driven by higher food and fuel prices. The India Meteorological Department (IMD) reported a nationwide rainfall deficit of 41% between June 4 and June 18, as the southwest monsoon stalled over Maharashtra, raising concerns for the agricultural sector. ICRA projects slower revenue growth and margin pressure for India Inc in Q1FY27 due to elevated costs and INR depreciation.
Corporate Actions
- Aurobindo Pharma Ltd.: Issued a press release/media release.
- XT Global Infotech Ltd.: Secured its first Finance & Accounting Outsourcing engagement in Ireland.
- Vedant Fashions Ltd., Knowledge Marine & Engineering Works Ltd., Ather Energy Ltd., Axis Bank Ltd.: Intimated about analyst/investor meets.
Company News
- Indian Hotels Company: Signed a Gateway hotel in Bengaluru, expanding its presence to 21 hotels in the city.
- Om Metallogic: Won an order worth ₹18.81 crore for Aluminum Alloy Ingot Adc-12.
- Mahindra Lifespace: Acquired a 15-acre land parcel in Mumbai with an estimated Gross Development Value (GDV) of around ₹5,600 crore.
IPO Watch
The IPO market remains active with several issues currently open or upcoming. NSE has filed preliminary papers with SEBI for a record ₹30,000 crore IPO.
Open IPOs
- Turtlemint Fintech Solutions Ltd. (June 19-23): Subscribed 0.73 times in QIB, 0.01 times in NII, and 0.29 times in RII, with a total subscription of 0.45 times. Price band: ₹144-152.
- Anubhav Plast Ltd. (June 19-23): Price band: ₹77-80.
- Avience Biomedicals Ltd. (June 18-22): Subscribed 0.01 times in QIB, 13.21 times in NII, and 26.74 times in RII, with a total subscription of 40.00 times. Price band: ₹196-208.
- Riyaasat Lifestyle Ltd. (June 18-22): Price band: ₹102-108.
Upcoming IPOs
- Waterways Leisure Tourism Ltd. (June 23-25): Price band: ₹769-808.
- Advit Jewels Ltd. (June 23-25): Price band: ₹130-138.
- Shreedhar Spinners Ltd (June 23-25): Price band: ₹51-53.
- CSM Technologies Ltd. (June 24-29): Price band: ₹107-113.
- Dhanwel Hybrid Seeds Ltd. (June 24-29): Price band: ₹95-99.
The significant rainfall deficit reported by IMD could pose a challenge to agricultural output and rural demand, warranting close monitoring for its broader economic impact.
Despite FIIs turning net buyers on Friday, the sharp correction in the IT sector highlights vulnerability to global tech sentiment, suggesting continued volatility for your portfolio.