India Equity Markets Plummet Amid IT Sell-Off Following Accenture’s Guidance Cut

Equity markets in India traded near their session lows on Friday, weighed down by a sharp sell-off in information technology stocks following Accenture’s guidance cut, which triggered concerns over the outlook for global technology spending.

Sharp IT Correction Triggers Market Sell-Off

The BSE Sensex plummeted over 910 points to an intraday low of 76,499.22, while the NSE Nifty 50 fell 255 points to 23,913.15, as investors exited frontline IT names.

The Nifty IT index remained the worst-performing sectoral gauge, falling over 5 per cent at the time of writing, with Infosys, TCS, Tech Mahindra, HCLTech, and Wipro among the top drags on the benchmark indices.

Accenture’s Guidance Cut Sparks Sell-Off

Market sentiment turned cautious after Accenture lowered its FY26 revenue growth guidance, sparking a sell-off in Indian IT majors and their American Depositary Receipts (ADRs).

Market Impact and Details

• The Nifty 50 movers today saw Infosys, TCS, Tech Mahindra, HCLTech, and Wipro emerge as the biggest laggards, while NTPC, Bajaj Finance, Bharti Airtel, and Jio Financial Services bucked the trend and traded with gains.
• Apart from IT, telecom, realty, and banking stocks also witnessed selling pressure, while pharma, healthcare, and media sectors managed to stay in positive territory.
• Broader markets showed resilience, with the Nifty Smallcap index rising 0.28 per cent and the Nifty Midcap 100 index slipping marginally by 0.14 per cent.

Key Takeaways

• The BSE Sensex plummeted over 910 points to an intraday low of 76,499.22.
• The NSE Nifty 50 fell 255 points to 23,913.15.
• The Nifty IT index fell over 5 per cent at the time of writing.

FAQs

What triggered the sell-off in IT stocks?

Accenture’s guidance cut triggered concerns over the outlook for global technology spending, leading to a sharp sell-off in Indian IT majors and their American Depositary Receipts (ADRs).

Which sectors witnessed selling pressure?

Apart from IT, telecom, realty, and banking stocks also witnessed selling pressure.

Which sectors managed to stay in positive territory?

Pharma, healthcare, and media sectors managed to stay in positive territory.

Conclusion

The sharp sell-off in IT stocks following Accenture’s guidance cut weighed down equity markets in India, with the BSE Sensex plummeting over 910 points to an intraday low of 76,499.22. Investors are advised to keep a close eye on the market and consider diversifying their portfolios to mitigate risks.