It was a bruising start to the week for Indian equities as the Sensex tanked 719 points (0.97%) to close at 73,524.26, and the Nifty50 slid 243.70 points (1.04%) to finish at 23,123.00 on Monday, June 9, 2026. The market rout wiped out a staggering Rs 7 lakh crore from the combined market capitalization of BSE Sensex companies, which plunged from Rs 4,61,60,199 crore at Friday’s close to Rs 4,54,17,473 crore by the end of today’s session.
The selloff was triggered by a perfect storm of geopolitical jitters and rising oil prices. Israel’s renewed strikes on Iran reignited Middle East tensions, pushing crude up by more than $2 a barrel. That, in turn, spooked global equity markets, with Asian and US tech stocks also taking a hit. The rupee didn’t escape the turmoil either, tumbling 38 paise to close at 95.32 against the US dollar, down from 94.94 on Friday.
Broader Market Pain, Sectoral Winners and Losers
It wasn’t just the blue chips that felt the heat. In the broader markets, the Nifty MidCap and SmallCap indices sank 1.40% and 1.92%, respectively. More than 2,700 stocks traded lower compared with just over 1,200 gainers, and volatility was sharply higher—India VIX jumped 8.3% as nervousness spread.
Sector-wise, there was no hiding place: Nifty Realty and Nifty Metal were hammered, both falling over 2%. Nifty Auto also saw significant pressure. The only bright spot was the Nifty Healthcare index, which eked out a 0.4% gain, with stocks like Alkem Labs, Mankind Pharma, and JB Chemicals among the top contributors. On the stock-specific front, Max Health and Powergrid finished as top gainers, while Wipro and Jio Financial ended deep in the red.
Looking Ahead: Cautious Sentiment Prevails
Technical indicators signal caution for the days ahead. The Nifty has now slipped to the lower band of its consolidation phase near the 23,000 mark, with immediate support around 23,100. A sustained breach below this level could pull the index further down to the 22,800 zone, analysts warn. The medium-term outlook will hinge on how the Israel-Iran situation evolves, crude oil price trends, and signals from global central banks.
Despite today’s sharp decline, experts note that the selloff was driven by external factors rather than any significant weakness in India’s domestic economy. For now, traders and investors are bracing for more volatility, keeping their eyes firmly on global headlines and oil prices.
