Sensex tumbles over 572 pts; IT shares lag

The domestic equity benchmarks traded with major losses in mid-afternoon trade amid negative global cues, following the breakdown of U.S.-Iran ceasefire negotiations and a spike in crude oil prices, which heightened fears of an extended Middle East conflict. The Nifty traded below the 23,900 level. IT shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex tanked 572 points or 0.74% to 76,978.25. The Nifty 50 index declined 170.60 points or 0.71% to 23,876.80.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 0.52% and the BSE 250 SmallCap Index fell 0.27%.

The market breadth was weak. On the BSE, 1,795 shares rose and 2,492 shares fell. A total of 190 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.70% to 20.49.

Buzzing Index:

The Nifty IT index fell 1.27% to 30,635.80. The index fell 3.15% in the two consecutive trading sessions.

Tata Consultancy Services (down 1.72%), HCL Technologies (down 1.47%), Infosys (down 1.33%), Wipro (down 0.97%), LTIMindtree (down 0.86%), Oracle Financial Services Software (down 0.76%), Persistent Systems (down 0.5%), Tech Mahindra (down 0.14%), and Mphasis (down 0.04%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.17% to 6.926, compared with the previous session's close of 6.914.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.3800 compared with its close of 92.8300 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.58% to Rs 151,771.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.33% to 98.98.

The United States 10-year bond yield rose 0.49% to 4.334.

In the commodities market, Brent crude for June 2026 settlement rose $7.23 or 7.59% to $102.43 a barrel.

Stocks in Spotlight:

Innovision added 4.82% after the company?s consolidated net profit jumped 43.27% to Rs 4.47 crore on a 2.12% increase in revenue from operations to Rs 233.26 crore in Q3 FY26 over Q3 FY25.

Adani Enterprises gained 2.16% after the company announced that its step-down wholly owned subsidiary, Adani Airport City, has incorporated four new wholly owned subsidiaries.

Puravankara surged 15.06% after the real estate developer reported a 190% jump in sales value to Rs 3,547 crore in Q4 FY26, compared with Rs 1,225 crore in Q4 FY25.