Equity benchmarks witnessed a sharp fall on Wednesday amid uncertainty surrounding US-Iran negotiations, a fresh spike in crude oil prices and persistent foreign fund outflows, dragging broader markets lower alongside frontline indices. Rupee also weakened to a one-week low.IT stocks also came under heavy selling pressure due to profit-taking after rallying strongly over the past few sessions.The BSE Sensex crashed 1,157 points, while the Nifty 50 plunged 332 points in intraday trade. Broader markets mirrored the weak sentiment, with the Nifty Midcap and Smallcap indices declining 1.55 per cent and 1.45 per cent, respectively, at the time of writing.At 12.27 pm, Sensex traded 976.19 points or 1.31 per cent lower at 73,673.65, and Nifty 50 shed 275.75 points or 1.17 per cent to 23,207.80.On the sectoral front, IT emerged as the biggest laggard, tumbling nearly 6 per cent. Except for healthcare, all sectoral indices traded in the negative territory.Investor focus has also shifted to the Reserve Bank of India’s monetary policy decision due on Friday. The central bank’s three-day policy meeting commenced today.TCS, Tech Mahindra, HCL Tech, Infosys, Wipro top losersAmong the Nifty 50 constituents, Apollo Hospitals and Max Healthcare gained around 2 per cent each, bucking the broader market trend. On the other hand, TCS, Tech Mahindra, HCLTech, Infosys and Wipro were among the top losers.Market breadth remained weak. Of the 3,240 stocks traded on the NSE at the time of writing, 811 advanced, while 2,323 declined and 106 remained unchanged.Around 70 stocks touched their 52-week highs, whereas 51 stocks slipped to 52-week lows. In addition, 77 stocks hit their upper circuit limits and 82 touched lower circuit levels.Midcap & smallcap moversIn the midcap segment, GVT&D, NHPC, Oil India and Hitachi Energy rose between 1 per cent and 4 per cent. However, Persistent Systems, Coforge, Tata Elxsi and PB Fintech declined sharply by 5-6 per cent.Among smallcap stocks, MRPL, Ather Energy, IFCI and IIFL gained 2-4 per cent, while PWL, JM Financial, Angel One and Tata Technologies fell 4-6 per cent.On the BSE, Laxmi Organic Industries, RHI Magnesita, CarTrade Tech and Concord rallied 6-14 per cent. In contrast, IT heavyweights including TCS, LTIMindtree, Coforge, Persistent Systems and Tech Mahindra plunged 5-9 per cent amid broad-based weakness in the technology pack.More Like ThisPublished on June 3, 2026