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

Financials dominated the Nifty 50 in June as Information Technology continued to lose ground, with the sector's weight falling 107 basis points to 7.4 percent, hovering near a 23-year low. The IT underperformance is attributed to weak global technology spending and concerns over artificial intelligence-led disruption to the sector.