Indian stocks slide as crude nears $100; IT leads losses

Coforge

09/09/2026 07:20

** Indian shares decline as crude prices march towards $100 per barrel, intensifying concerns over inflation, growth and corporate profitability 
** Nifty 50 .NSEI and Sensex .BSESN down 0.5% and 0.6%
** Eleven of 16 major sectors fall; small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dip 0.3% and 0.5%, respectively
** IT index .NIFTYIT drops 3.1%; Coforge COFO.NS slides 4% after chairman resigns over board evaluation concerns
** Other IT stocks also decline ahead of key U.S. inflation data, which could influence U.S. rate decision next week 
** Traders are pricing in 60% chance of rate hike, which is a negative for emerging market equities from a flows perspective
** Among other stocks, Adani Enterprises ADEL.NS jumps 5% after agreeing to sell up to 5.54% stake in its airport unit
** Graphite India GRPH.NS zooms 17% after global graphite electrode leader GrafTech International EAF.N announced 30% minimum price hike


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