The index has lost nearly 2,700 points, or 10.3%, since the start of the year, with around 60% of its constituents trading in the red.
However, two stocks — HDFC Bank and Infosys — account for more than half of the Nifty50’s decline. HDFC Bank, the index’s highest-weighted stock, has contributed more than 1,000 points to the 2,698-point fall since the beginning of the year, while Infosys has contributed another 441 points, according to data compiled by CNBC-TV18.
Shares of HDFC Bank fell another 2.3% on Wednesday to close at ₹687.10 on the NSE, their lowest level since July 2022.
Reliance Industries was the next biggest drag, contributing 424 points to the index’s decline, followed by ITC and Tata Consultancy Services (TCS), which contributed 297 points and 220 points, respectively.
Financial Services continues to carry the highest weight in the Nifty50 at 36.5%, followed by Oil & Gas and Information Technology at 9.5% and 8.5%, respectively. IT stocks collectively had a weight of 10.4% at the beginning of the year.
Among stocks that have gained index weight, ICICI Bank’s weightage has risen by 1.3 percentage points to 9.3%, while Titan Company’s weight has increased by half a percentage point to 1.9%.
The prolonged sell-off in IT stocks has, meanwhile, dragged down the sector’s weight in the index. The Nifty IT index — the worst-performing sectoral index so far this year — has plunged 24%, with Wipro and Infosys leading the declines among Nifty50 constituents, falling around 36% each.
Tata Consultancy Services has declined 31%, while HCL Technologies has fallen 24% over the same period.
The Nifty50 extended its decline for a third consecutive session on Wednesday, hitting a three-month low of 23,431.50 as renewed tensions in West Asia pushed Brent crude back to $100 a barrel for the first time since July.
The sell-off has also pushed the Nifty50 into oversold territory on the Relative Strength Index (RSI), which stood at 26.4 — its lowest level since March 13, 2026.
