Nifty 50, Sensex Fall 0.7% as IT Stocks Drag Market; Reliance AGM, Oil Prices in Focus

Market Update at 04:06 PM: Indian equity benchmarks ended lower on Friday, June 19, with the Nifty 50 and Sensex falling about 0.70 per cent, snapping a five-session winning streak. Weak sentiment in information technology stocks after a subdued outlook from Accenture, along with declines in HDFC Bank and Reliance Industries, weighed on the market.

The Nifty 50 opened 82 points lower and slipped to an Intraday low of 23,901.90 in early trade. It recovered gradually during the session and briefly reclaimed the 24,000 mark, but failed to sustain gains and eventually closed in negative territory. The Nifty 50 ended at 24,013.10, down 125.30 points or 0.64 per cent, while the Sensex declined 607.08 points or 0.78 per cent to close at 76,802.90. India VIX remained largely stable, suggesting steady volatility expectations.

Reliance Industries delivered record FY26 performance at its AGM, reporting revenue of Rs 11.76 lakh crore and net profit of Rs 95,754 crore. Mukesh Ambani announced that Jio Platforms will file its DRHP with SEBI for an IPO. Jio’s subscriber base crossed 524 million, while new announcements included AI and satellite initiatives under Reliance Intelligence and Jio TeleFrame. Reliance Retail posted Rs 3.7 lakh crore in revenue and expanded its presence to over 20,000 stores across India.

Brent crude rose toward USD 80 per barrel after planned U.S.–Iran talks in Switzerland were cancelled, as confirmed by the Swiss Foreign Ministry. Geopolitical tensions also persisted due to continued strikes on Hezbollah targets in Lebanon. Despite short-term strength, oil prices were on track for a weekly decline as easing concerns in the Strait of Hormuz improved shipping conditions following a temporary U.S.–Iran truce.

On the sectoral front, 4 out of 11 major indices ended in the green. Broader markets outperformed, with the Nifty Midcap 100 rising 0.22 per cent and the Nifty Smallcap 100 gaining 0.42 per cent. The Nifty Pharma index emerged as the top gainer, rising 0.73 per cent for its second straight positive session. In contrast, the Nifty IT index was the worst performer, falling 3.65 per cent to a three-year low, with most constituents declining. TCS, Infosys, and HCLTech fell between 2.5 per cent and 7 per cent.

Among individual stocks, Aurobindo Pharma gained 3.75 per cent after announcing plans to divest four generic products as part of regulatory requirements linked to its USD 250 million acquisition of U.S.-based Lannett Company. Amber Enterprises declined 1 per cent after signing an agreement with Oppo India to manufacture smartphones for Oppo, OnePlus, and Realme brands. Reliance Industries slipped 1.4 per cent after its AGM updates, while HDFC Bank fell 2.4 per cent after the RBI approved a three-month extension for interim chairman Keki Mistry or until a new appointment is made.

Bharti Airtel added 23.84 points to the Nifty 50, Eternal contributed 9.09 points, and ICICI Bank added 6.55 points, helping limit losses. On the other hand, HDFC Bank dragged the index by 64.03 points, followed by Infosys at 58.23 points and Reliance Industries at 27.35 points.

Market breadth remained positive despite the overall decline. Out of 3,401 stocks traded on the NSE, 1,762 advanced, 1,523 declined, and 116 remained unchanged. A total of 126 stocks hit 52-week highs, while 44 touched 52-week lows. Additionally, 137 stocks were locked in Upper Circuits, compared to 80 in Lower Circuits.

Market Update at 2:17 PM: Indian benchmark indices traded sharply lower on Friday, dragged down by heavy selling in IT stocks, while investors also assessed the key announcements made at Reliance Industries' 49th Annual General Meeting (AGM).

As of 2:00 PM, the Nifty50 was down 205.10 points, or 0.85 per cent, at 23,962.90, while the Sensex declined 751.69 points, or 0.97 per cent, to 76,658.19.

Among the Nifty50 constituents, Infosys, Tech Mahindra, and Tata Consultancy Services emerged as the top laggards.

In the broader market, the Nifty MidCap index slipped 0.37 per cent, whereas the Nifty SmallCap index traded 0.10 per cent higher.

On the sectoral front, the Nifty IT index was the worst performer, plunging nearly 6 per cent. The Nifty Realty and Nifty Consumer Durables indices also traded in the red. In contrast, the Nifty Pharma and Nifty Healthcare indices outperformed the broader market.

Market participants remained focused on sector-specific developments and the outcomes of Reliance Industries' AGM.

Market Update at 12:43 PM: Indian equity benchmarks traded lower on Friday, with the Nifty50 and Sensex extending losses amid a sharp sell-off in IT stocks after Accenture's weaker-than-expected revenue guidance clouded the sector's growth outlook.

As of 12:40 PM, the Nifty50 declined 204.80 points, or 0.85 per cent, to 23,963.20, while the Sensex slipped 746.27 points, or 0.96 per cent, to 76,663.71.

Among the Nifty50 constituents, Infosys, Tech Mahindra, and Tata Consultancy Services emerged as the top laggards.

In the broader market, the Nifty MidCap index fell 0.37 per cent, whereas the Nifty SmallCap index edged up 0.10 per cent.

On the sectoral front, the Nifty IT index was the worst performer, plunging nearly 6 per cent. The Nifty Realty and Nifty Consumer Durables indices also traded in the red. Meanwhile, the Nifty Pharma and Nifty Healthcare indices outperformed the broader market and remained among the Top Gainers.

Market Update at 09:32 AM: The Nifty50 and the Sensex fell, tracking a sharp losses in IT stocks as Accenture's soft revenue guidance muddied the growth outlook.

As of 9:20 AM, the Nifty50 was down 191.45 points or 0.79 per cent at 23,976.55, and the Sensex fell 0.91 per cent or 703 points to 76,706.86.

In the broader markets, the Nifty MidCap and the Nifty SmallCap indices were trading 0.55 per cent and 0.19 per cent down, respectively.

Pre-Market Update at 7:48 AM: Nifty 50, Sensex today, Indian stock market June 19, Accenture outlook, IT stocks, Infosys ADR, Wipro ADR, Gift Nifty, HDFC Bank, Wipro news, HCL Technologies, Bharat Forge, FII DII data, Nifty support level, stock market opening, June 19 stocks to watch, crude oil prices, gold prices, U.S. markets

The Indian stock market is likely to open lower on Friday, June 19, with information technology stocks expected to remain under pressure after Accenture reduced its FY26 revenue growth guidance and issued a weaker-than-expected outlook. The negative sentiment was reflected in the U.S. market, where the American Depository Receipts (ADRs) of Infosys and Wipro witnessed sharp declines.

At 7:31 AM, Gift Nifty was trading near 24,002, indicating a gap-down opening of around 166 points compared to the previous close of Nifty 50 futures. Asian markets traded mixed, while Wall Street ended higher overnight, led by strong gains in technology stocks that pushed the Nasdaq nearly 2 per cent higher.

Investor attention remains on the implementation of the interim peace agreement between the U.S. and Iran. Officials from both countries are scheduled to meet in Switzerland to discuss the next steps of the agreement. The U.S. has lifted its maritime blockade on Iran, allowing shipping activity through the Strait of Hormuz to resume. However, geopolitical concerns persist as Israel has indicated reservations regarding the agreement and plans to maintain a military presence in parts of southern Lebanon.

Indian IT stocks may remain under pressure after Accenture lowered its FY26 revenue growth guidance. The company cited weaker client spending trends, softer deal bookings and limited near-term impact of artificial intelligence investments on customer budgets. Following the announcement, Infosys ADR fell nearly 10 per cent while Wipro ADR declined more than 9 per cent, raising concerns about growth prospects for the broader IT sector.

Accenture reported net income of USD 2.39 billion for the quarter ended May, compared with USD 2.24 billion a year ago. Revenue increased to USD 18.7 billion from USD 17.7 billion, while new bookings stood at USD 19.3 billion. Despite strong quarterly numbers, the company revised its FY26 revenue growth forecast to 3-4 per cent in constant currency terms from the earlier guidance of 3-5 per cent. Excluding the impact of its U.S. federal business, revenue growth is now expected at 4-5 per cent versus the previous estimate of 4-6 per cent. Accenture shares plunged nearly 18 per cent following the announcement.

In the U.S., initial jobless claims fell by 4,000 to 226,000 for the week ended June 13, broadly matching market expectations. Meanwhile, Japan's annual core inflation remained at 1.4 per cent in May, staying below the central bank's 2 per cent target for the fourth consecutive month.

Crude oil prices extended losses as concerns over disruptions in the Strait of Hormuz eased. Brent crude declined 0.84 per cent to USD 79.18 per barrel, while WTI crude fell 0.67 per cent to USD 76.09 per barrel. Gold prices also remained under pressure, with spot gold slipping 0.5 per cent to USD 4,189.26 per ounce and spot silver falling 0.8 per cent to USD 65.32 per ounce. The U.S. dollar index climbed 0.45 per cent to 100.80, its highest level since May 2025, following the Federal Reserve's hawkish commentary.

For the June expiry series, the Put-Call Ratio (PCR) stands at 1.11. On the put side, significant open interest addition and concentration were observed at the 24,000 strike. On the call side, the highest open interest and fresh additions were seen at the 24,500 strike.

From a technical perspective, Nifty 50 continues to hold above the crucial 24,000 mark, which remains an important support zone. Sustaining above this level could support further upside towards 24,300-24,450. However, a decisive breach below 24,000 may trigger profit booking and increase downside pressure, particularly if weakness in IT stocks intensifies.

Among stock-specific developments, Wipro will acquire an additional 20 per cent stake in Aggne Global IT Services and has completed a large multi-year data centre migration programme for METRO. HCL Technologies launched an AI Innovation Zone in Chennai to accelerate enterprise AI adoption using Intel-based solutions. Amber Enterprises India signed a manufacturing partnership with Oppo India to produce smartphones for Oppo, OnePlus and Realme.

HDFC Bank received RBI approval for a three-month extension of Keki Mistry's tenure as Interim Part-time Chairman until September 18, 2026. ImagicaaWorld Entertainment temporarily suspended operations at its Khopoli water park due to water shortage concerns and low dam levels. Diamond Power Infrastructure approved fundraising of up to Rs 2,000 crore through a qualified institutional placement (QIP), while TruAlt Bioenergy secured financial assistance of Rs 150 crore under the PM JI-VAN Yojana for its sustainable aviation fuel project.

General Insurance Corporation of India appointed Rajesh Laheri as Chief Financial Officer and Key Managerial Personnel. Bosch Home Comfort India's promoter exercised the oversubscription option in its offer-for-sale, increasing the total offer size to 7.97 per cent. Bharat Forge's Defence subsidiary entered a strategic partnership with AM General to expand mobile artillery solutions and export opportunities. Hindalco Industries announced a leadership transition in its copper business, appointing Kapil Agrawal as CEO (Designate).

Kaynes Technologies remains under the futures and options ban list for June 19.

Foreign Institutional Investors (FIIs) were net buyers of Indian equities worth Rs 1,025.20 crore on June 18. Domestic Institutional Investors (DIIs) purchased shares worth Rs 3,516.81 crore during the session.

Indian benchmark indices extended gains for a fifth consecutive session on June 18 despite intraday volatility. Falling crude oil prices and easing geopolitical concerns helped offset the impact of the U.S. Federal Reserve's hawkish stance. The BSE Sensex rose 254 points, or 0.33 per cent, to close at 77,410, while the Nifty 50 gained 82 points, or 0.34 per cent, to settle at 24,168.

U.S. stock markets ended higher on Thursday, supported by strong gains in Semiconductor and technology stocks. Investor sentiment improved following the U.S.-Iran peace agreement and easing inflation concerns, although markets continued to factor in the possibility of further interest rate hikes by the Federal Reserve. The Dow Jones Industrial Average advanced 72.15 points, or 0.14 per cent, to 51,564.70. The S&P 500 gained 1.08 per cent to close at 7,500.58, while the Nasdaq Composite surged 1.91 per cent to 26,517.93.

Disclaimer: The article is for informational purposes only and not investment advice.

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