Today, on June 19, the stock market is trading at a lower level. Sensex is trading at 76,600, down almost 800 points. Nifty is also trading 200 points down at 23,950.
Reasons for the fall in the stock market:
1. Heavy selling in IT shares
Global IT company Accenture has reduced its revenue growth estimates citing low demand. This has increased concerns about the future of Indian IT companies, due to which the Nifty IT index has fallen by 6%. Shares of Infosys (down 8%), Tech Mahindra (6.3%), TCS (6%), HCL Tech (5.3%) and Wipro (3.6%) declined. Global brokerage firm Goldman Sachs has also admitted that the demand trend for the Indian IT sector is still weak.
2. Changing attitude of foreign investors (FIIs)
The Indian market is under pressure due to continuous selling by foreign institutional investors (FIIs). After some buying on Wednesday, foreign investors sold shares worth ₹1,025 crore in the cash market on Thursday. Withdrawal of money by FIIs has also reduced the enthusiasm of domestic investors.
Reliance’s 49th Annual General Meeting (AGM) will be held today
Meanwhile, the 49th Annual General Meeting (AGM) of Reliance Industries is scheduled to be held at 2 pm today. Instead of expecting announcements about new business, investors want clarity about Jio Platforms’ listing timeline. Reliance had announced an IPO last year and hinted that Jio could be listed in the first half of 2026. Ahead of the AGM, Reliance shares were trading 1% lower at ₹1,326.
Indian stock market witnessed a rise yesterday
A boom was seen in the stock market on June 18. Sensex closed at 77,410, up 254 points. Nifty also closed at 24,168, up 82 points. Tech company Apple may soon increase the prices of iPhone and its other products. In an interview with *The Wall Street Journal*, Apple CEO Tim Cook said that component costs have increased significantly due to the global shortage of memory and storage chips.