Financials dominate Nifty50 in June, IT sector weight hits 23-year low

Financials strengthened their grip on the benchmark index in June, with the sector's weight in the Nifty 50 rising 186 basis points month-on-month to a four-month high of 37%, according to the report. The increase was driven by the sector's relative outperformance and supported by renewed foreign portfolio investor inflows.

In contrast, Information Technology continued to lose ground. The sector's weight in the Nifty 50 fell 107 basis points to 7.4%, hovering near a 23-year low amid weak global technology spending and concerns over artificial intelligence-led disruption.

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