Stock Market Today: Sensex slips over 300 points; Nifty below 23,150; IT stocks drag

Indian equity benchmarks opened in the red on Thursday, June 11, as investors turned cautious after the recent market rally and booked profits across key sectors.

The BSE Sensex opened at 73,615.99 and was trading at 73,654.49 at 9:15 am, down 328.69 points, or 0.44 per cent, from its previous close of 73,983.18.

The NSE Nifty 50 opened at 23,104.40 and slipped to 23,107.70 in early trade, down 107.25 points, or 0.46 per cent, compared with its previous close of 23,214.95.

IT stocks drag benchmarks lower

Indian equities opened weak on Thursday, with technology stocks leading the decline amid concerns over global growth and rising geopolitical tensions.

The BSE Sensex was down 328.69 points, or 0.44 per cent, at 73,654.49 at 9:15 am, while the NSE Nifty 50 slipped 107.25 points, or 0.46 per cent, to 23,107.70.

Among Nifty50 constituents, HCLTech, Infosys and Tech Mahindra emerged as the top losers, weighing heavily on benchmark indices. The Nifty IT index fell more than 2 per cent, making it the worst-performing sector in early trade.

Other rate-sensitive and consumption-linked sectors also witnessed selling pressure. The Nifty Consumer Durables, Nifty Auto and Nifty Chemicals indices were among the major laggards. On the other hand, defensive pockets like pharma and healthcare were relatively resilient with Nifty Pharma and Nifty Healthcare indices outperforming the market.

Broader markets also under pressure

Selling was not limited to large-cap stocks. The broader market also traded lower, reflecting weak investor sentiment.

The Nifty MidCap index declined 0.62 per cent, while the Nifty SmallCap index fell 0.64 per cent in early trade.

Global cues remain weak

Market sentiment remained cautious after fresh developments in the Middle East. The US launched further attacks on Iran, escalating geopolitical tensions in the region.

US President Donald Trump said Tehran had ample opportunity to negotiate a deal with Washington but failed to do so. He warned that the US would respond "very hard", raising concerns about a further escalation in the conflict.

Global markets have already reacted to the uncertainty. The Dow Jones index fell nearly 950 points in the previous session and touched a three-week low. The Nasdaq and S&P 500 also slipped to their lowest levels in about five weeks.

The geopolitical tensions continued to support crude oil prices, with Brent crude hovering near the $95 per barrel mark.

FII selling pressure eases

Foreign institutional investors (FIIs) remained net sellers in the cash market for the 11th consecutive session, although the pace of selling moderated.

FIIs sold shares worth about Rs 2,124 crore on Wednesday. Market participants noted that the figures also included a block deal in Meesho worth around Rs 988 crore.

Despite the cash-market outflows, FIIs increased their long positions in index futures for the second straight day, with long exposure rising to 9.69 per cent from 9.19 per cent earlier. Across cash, index futures and stock futures, FIIs were net sellers of around Rs 2,431 crore.

Domestic institutional investors (DIIs) continued to provide support, remaining net buyers for the 17th consecutive session with purchases worth Rs 3,123 crore.

Commodities remain volatile

Commodity markets also reflected the risk-off mood. Gold prices on Comex extended losses for a fifth straight session and have fallen nearly $200 during the recent correction. Silver prices touched six-month lows, while copper and other base metals witnessed broad-based selling.

In the domestic market, gold prices have fallen to around two-and-a-half-month lows and are trading near Rs 1.48 lakh per 10 grams. Silver prices have corrected to around Rs 2.35 lakh per kg.

Over the past 20 trading sessions, gold prices have declined by nearly Rs 18,000, while silver prices have fallen by around Rs 65,000, highlighting the sharp correction across precious metals.