Indian equity benchmarks Nifty50 and BSE Sensex fell on Friday, ending a five-day winning streak. The decline was primarily driven by a sharp crash in IT sector stocks, influenced by global sentiment, Accenture's lowered revenue forecast, FII selling, profit-taking, and lingering Middle East concerns.
Indian IT stocks plummeted Friday, losing Rs 1.35 lakh crore in market value after Accenture's weaker-than-expected outlook fueled fears of AI disruption. Infosys led the decline with an 8% drop, as investors worry about generative AI's impact on traditional IT services.
Indian IT stocks, including Tata Consultancy Services, Infosys, and Tech Mahindra, fell up to 7% on Friday following Accenture's reduced revenue growth forecast for FY26 to 3-4%, impacting sector sentiment.
Indian IT majors experienced a massive sell-off, losing Rs 1.35 lakh crore in market cap after Accenture Plc slashed its revenue guidance. The Nifty IT index crashed 6%, with Infosys and TCS among the top losers, amid growing concerns about AI impacting traditional IT services and geopolitical headwinds.
Indian IT stocks like TCS, Infosys, and Wipro fell sharply after Accenture revised its annual revenue growth forecast downwards, signaling caution in discretionary technology spending. Accenture's Q3 results beat earnings expectations but missed revenue estimates, with a decline in managed services bookings.
Indian stock markets, Sensex and Nifty, rose for the third consecutive session on Tuesday, driven by positive global trends, foreign fund inflows, and easing crude oil prices following a reported US-Iran peace deal. The Sensex closed up 0.71% at 76,808.48 and Nifty 50 rose 0.57% to 23,989.15.
Indian equity benchmarks closed lower on Thursday, impacted by weak global cues, rising crude oil prices, Middle East geopolitical tensions, and selling in IT stocks. The BSE Sensex fell 0.20% and the NSE Nifty declined 0.23%.
Indian IT stocks have plummeted, losing over a fourth of their value since the year's start, hitting a near 3-year low. Analysts attribute the sharp decline to AI disruption concerns, cautious client spending, and subdued digital transformation demand, though many believe the long-term outlook remains positive.
Indian equity markets experienced a downturn Friday, with both Sensex and Nifty closing lower. Renewed military tensions near the Strait of Hormuz dampened investor sentiment, leading to profit-booking across various sectors. While IT stocks showed resilience, PSU banks were significantly impacted. Global markets also reflected cautious sentiment.
