SENSEX drops over 600 points, NIFTY50 opens at 23,415 as IT stocks drag down indices; TCS, HCL Tech among top losers

The NIFTY50 index opened 0.29% or 67 points higher at 23,415.95 points on Wednesday, compared to 23,483.55 points at the previous stock market close, according to NSE data. The benchmark index lost more than 200 points after the opening bell on June 3.

Meanwhile, the BSE SENSEX index lost over 600 points after opening 0.2% lower at 74,507.73 points, compared to 74,659.84 points at the previous stock market close, as per the exchange data.

At 9:36 am, the NIFTY50 was trading 0.89% lower at 23,273.50 points, while the BSE SENSEX was down 1.07% at 73,843 points during the early market hours on Wednesday.

Factors impacting stock market today

On Wednesday, the benchmark indices witnessed significant profit booking pressure among the IT sector heavyweights after their massive rally on Tuesday’s trading session on AI momentum from the US markets.

Major IT stocks like TCS, HCL Tech, Infosys, among others were all trading in the red, dragging down the benchmark indices.

Before the opening bell on Wednesday, NSE data showed that the GIFT NIFTY futures were trading flat at around 23,551 points due to a lack of positive triggers from the ongoing US-Iran peace deal negotiations.

Latest reports from West Asia suggest that despite the ongoing negotiations, the United States carried out another “self-defence” military strike on Iran’s Qeshm Island. A CNN report said that Iran reportedly launched several ballistic missiles toward regional neighbours, which all failed to hit their targets.

The US defence forces intercepted three missiles heading towards Bahrain with the help of the Bahrain air defence forces, as per the report citing the US Central Command.

During the market session on June 3, investors are expected to remain cautious and monitor the global market cues for any potential trend reversal cues, like that on the previous market session.

The domestic indices were also witnessing significant pressure from the foreign investors' outflows as the FIIs sold ₹8,362.92 crore worth of assets across the stock exchanges in a single day on Tuesday’s session.

The Foreign portfolio investors (FPIs) have so far sold ₹24,109 crore worth of assets across classes in the first two days of June 2026, according to NSDL data.

Meanwhile, crude oil prices on June 3, were also trading at an elevated level above $96 per barrel (bbl), which further weighed down the market sentiment amid the foreign outflows.

Top gainers & losers today

Stocks like ONGC, Apollo Hospitals, Bajaj Auto, Maruti Suzuki India, Nestle India, and Tata Consumer were among the top gainers on the NIFTY50 index on Wednesday, June 3.

ONGC was trading 1.3% higher, Apollo Hospitals was up 1.3%, Bajaj Auto up 1.2%, Maruti Suzuki India up 0.7%, Nestle India up 0.5%, and Tata Consumer up 0.5% were among the gainers as per the early trade.

Others like TCS, Tech Mahindra, Infosys, HCL Tech, ITC, Eternal, and Shriram Finance were among the top losers on the NIFTY50 benchmark index on Wednesday.

TCS lost 6.6%, Tech Mahindra lost 4.6%, Infosys lost 3.7%, HCL Tech lost 3.2%, ITC lost 2.5%, Eternal lost 1.8%, and Shriram Finance lost 1.6% as of the early market hours on June 3.