Key facts
- Sensex fell ~600 points; Nifty held just above 24,000
- Rs 1.3 lakh crore in market cap wiped out in one session
- Accenture's revenue guidance cut triggered the IT sector rout
- Fall snapped a five-day winning streak for Indian indices
- IT stocks were the worst-performing sector of the day
India Today and NDTV report that Indian stock markets closed deep in the red on Friday, with the Sensex ending about 600 points lower and the Nifty50 barely holding above 24,000. IT stocks bore the brunt of the selloff, bleeding heavily across the board as investors hit the sell button following a sharp revenue guidance cut by Accenture, the US-based consulting and technology services giant. The single-session rout wiped out roughly Rs 1.3 lakh crore in total market capitalisation.
Accenture's warning about weaker-than-expected demand for technology services sent a direct signal to markets that discretionary IT spending by global corporations remains under pressure. Indian IT majors — which derive a large share of revenues from US and European clients — were seen as collateral damage, given the close business model similarities with Accenture.
The fall ended a five-day rally that had lifted Indian benchmarks, making Friday's reversal especially jarring for retail investors who had grown optimistic. For everyday Indians with mutual fund SIPs or direct equity holdings, particularly in IT-heavy portfolios, the session was a sharp reminder of how exposed domestic markets remain to global technology spending cycles.