Sensex, Nifty Open Lower As IT Stocks Tumble After Accenture Guidance Cut

Indian benchmark equity indices started Friday’s trading session on a weak note, with technology shares leading the decline after global IT services company Accenture lowered its business outlook.

The BSE Sensex opened more than 500 points lower at 76,852.86, while the NSE Nifty slipped below the 24,000 mark to begin the day at 23,991.20.

Selling pressure was most visible in the technology sector.

The Nifty IT index dropped nearly 6 per cent, while the MidSmall IT and Telecom index also registered significant losses.

Several other sectors, including real estate, automobiles, metals, financial services, consumer durables and FMCG, traded in the red during early dealings.

In contrast, healthcare-related stocks witnessed buying interest.

The Nifty Pharma index moved higher, with broader healthcare indices also posting modest gains.

Market sentiment in the IT sector weakened after Accenture revised its guidance, raising concerns about future growth prospects for technology companies.

The development also triggered a decline in Indian IT stocks listed overseas, adding pressure on domestic shares.

Despite the weak opening, analysts said broader market conditions remain supportive. They pointed to easing crude oil prices and improving economic indicators as positive factors for equities.

Experts also noted that foreign investor activity has helped banking stocks recover in recent sessions, although periodic profit-booking could continue.

Globally, oil prices moved lower after reports suggested that the United States and Iran had reached an interim peace agreement. The development raised expectations that tanker movement through the Strait of Hormuz would resume normally.

Brent crude fell to around $78.83 per barrel, while WTI crude traded near $75.78 per barrel.

Asian markets delivered a mixed performance.

Hong Kong’s Hang Seng index declined nearly 1 per cent, while Japan’s Nikkei and South Korea’s KOSPI remained largely unchanged.

In the United States, Wall Street ended the previous session on a positive note. Strong gains in technology shares helped the Nasdaq rise nearly 2 per cent. The S&P 500 also advanced about 1 per cent.