Pre-Market Brief: Nifty 50 Dips Below 23850 as IT Stocks Drag; DIIs Show Buying Strength | 24 Jun 2026, 08:00 AM IST
By Sivam
Indian equities saw broad declines on Tuesday, with Nifty 50 falling 1.16% to 23824.10, largely due to IT sector weakness. DIIs maintained buying momentum, potentially cushioning the open.
The Indian equity markets witnessed a broad-based decline on Tuesday, June 23, with the Nifty 50 closing −1.16% lower at 23824.10. The sell-off was particularly pronounced in the IT sector, which saw significant corrections. Despite the overall market weakness, Domestic Institutional Investors (DIIs) continued their buying streak, offering some support.
Index Performance Snapshot
| Index Name | Closing Price | Change (%) |
|---|---|---|
| Nifty 50 | 23824.10 | −1.16% |
| Nifty Bank | 57183.75 | −1.30% |
| NIFTY Midcap 100 | 62070.35 | −1.05% |
All major indices closed in negative territory, reflecting broad market pressure. The Nifty Bank recorded a −1.30% fall, while the NIFTY Midcap 100 also declined by −1.05%. Market breadth for the Nifty 50 was nearly even, with 26 advances and 24 declines, suggesting that while the headline index fell significantly, not all stocks participated in the downside equally.
Sector Watch
The Pharma sector stood out as the sole gainer, registering a +0.92% increase. Conversely, the IT sector was the biggest drag, plummeting −2.23%. Other significant laggards included Metal, down −1.97%, and Financial Services, which declined −1.12%. Auto and FMCG sectors also closed lower by −0.96% and −0.78% respectively, alongside Energy at −0.60%.
Top Movers
Among the Nifty 50 constituents, Cipla Ltd. (+1.23%) and Dr. Reddy’s Laboratories Ltd. (+0.82%) led the gainers, reflecting the strength in the pharmaceutical sector. Power Grid Corporation Of India Ltd. (+0.76%), Axis Bank Ltd. (+0.36%), and Sun Pharmaceutical Industries Ltd. (+0.27%) also ended in positive territory.
On the downside, IT majors Infosys Ltd. (−3.39%) and Tata Consultancy Services Ltd. (−3.21%) were the top losers, significantly contributing to the Nifty’s decline. Adani Enterprises Ltd. (−3.16%), Wipro Ltd. (−3.16%), and JSW Steel Ltd. (−3.13%) also experienced substantial losses.
FII / DII Flows
Foreign Institutional Investors (FIIs) were net buyers on June 23, recording a modest inflow of +17.86 cr. This follows a net outflow in the session prior. Domestic Institutional Investors (DIIs) continued to provide crucial support, with net buying of +680.21 cr on Tuesday. Over the last five sessions, DIIs have consistently been net buyers, accumulating a total of +5634.5 cr, while FIIs have shown mixed activity, with a net inflow of +3317.41 cr over the same period.
What to Watch at 9:15
The market opens today facing the challenge of Tuesday’s broad-based selling, particularly in the heavyweight IT sector. While DII buying provides a cushion, global cues and any pre-market news will be critical in determining the initial direction. Traders will closely monitor how the Nifty 50 reacts around the 23800 level.