Nifty, Sensex open 0.5% lower as IT stocks lead losses

The brief

Context

Indian equity benchmarks opened weak on Wednesday, 9 September 2026, with the Nifty 50 and Sensex each down about 0.5 per cent in early trade. Information technology stocks led the decline, while investors turned cautious over rising crude oil prices linked to escalating US-Iran tensions in the Gulf. A parallel factor was the booming primary market, with money moving into initial public offerings and away from already listed secondary-market stocks.

Key facts

• Nifty 50 opened more than 100 points lower at 23,522.05; Sensex fell over 350 points to 75,216.22 on 9 September 2026.
• Nifty IT fell 3 per cent, the worst-performing sectoral index in early deals.
• Infosys dropped 3.34 per cent, Tech Mahindra 2.73 per cent, HCL Technologies 2.60 per cent, Wipro 2.34 per cent and TCS 1.71 per cent.
• Nifty MidSmall IT & Telecom fell about 2 per cent; financial services, auto, private banks and oil & gas also traded lower.
• Gainers: Nifty Consumer Durables up 0.38 per cent, Nifty Metal up 0.39 per cent, Nifty Pharma up 0.27 per cent.
• Brent crude was trading around $100 a barrel amid escalating US-Iran tensions, rising for a fourth straight session after fresh Iranian attacks on US military assets.
• IPO listing gains have risen to about 22 per cent since June, even as Nifty's year-to-date return remains negative.
• Foreign institutional investors have sold equities worth about Rs 2.84 lakh crore through exchanges so far this year while investing around Rs 36,000 crore in IPOs.

Timeline

1. Since June 2026IPO listing gains rise to about 22 per cent, drawing retail and institutional money into the primary market.
2. Year to date 2026FIIs sell about Rs 2.84 lakh crore of equities through exchanges but invest around Rs 36,000 crore in IPOs; Nifty's YTD return stays negative.
3. Days before 9 September 2026Crude oil rises for a fourth straight session after fresh Iranian attacks on US military assets escalate Gulf tensions.
4. 9 September 2026, market open (report updated 09:51 AM)Nifty opens at 23,522.05 and Sensex at 75,216.22, both about 0.5 per cent lower, with Nifty IT down 3 per cent.

Who has a stake

• Indian IT majors (Infosys, TCS, Wipro, HCL Tech, Tech Mahindra) — Led the market fall, with losses between 1.71 and 3.34 per cent, making Nifty IT the weakest sector.
• Retail investors — Experts cautioned them against subscribing to IPOs on fear of missing out, as some issues could fall below offer prices.
• Foreign institutional investors — Net sellers of about Rs 2.84 lakh crore in exchange-traded equities this year while deploying around Rs 36,000 crore in IPOs.
• Oil-importing Indian economy and oil & gas stocks — Brent near $100 raises import costs; oil & gas stocks were among sectors trading lower.
• Traders and analysts — Watching the 23,500-23,260-23,000 support zone and a possible move above 23,650 for short covering towards 23,860-23,900.

Why it matters

The fall shows how external shocks — a Gulf conflict pushing Brent crude near $100 — and internal liquidity shifts into a booming IPO market can simultaneously drag down India's listed equities. With FIIs selling about Rs 2.84 lakh crore of shares on exchanges this year and Nifty's year-to-date return negative, household savings flowing into equities face real risk of losses, particularly in IPOs that may list below offer price.