Indian shares slip after rally as IT, metals drag; monsoon risk in focus

Accenture

23/06/2026 07:45

** India's stock benchmarks Nifty 50 .NSEI, Sensex .BSESN drop 0.5% each, easing after a recent rally, dragged by IT and metals
** Fourteen of 16 major sectors decline; broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 shed 0.5% and 0.7%, respectively
** IT index .NIFTYIT falls 2%
** Drop in IT stocks highlights deep-seated macro anxieties after Accenture's forecast cut as global enterprises freeze discretionary technology spending, says Nischal Jain, quant researcher at Share.Market by PhonePe
** Metals .NIFTYMET slide 2.6%, hurt by rising expectations of a potential U.S. rate hike this year 
** Decline in Tuesday's session comes after both benchmarks rose in six of last seven sessions, with Nifty and Sensex gaining 4.1% and 4.4%, respectively    
** Oil prices ease, shifting focus to slow onset of the monsoon, say two traders, adding this is a  significant factor for consumption-linked sectors
** Among individual stocks, Emcure Pharmaceuticals EMCU.NS hits all-time high after Jefferies hikes PT, projecting low-to-mid-teens revenue growth in FY27
     

(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))