Key facts
- Sensex fell ~600 points; Nifty held above 24,000
- Rs 1.3 lakh crore in market cap wiped out
- IT stocks led the decline after Accenture's weak outlook
- TCS, Infosys, Wipro among stocks under pressure
India Today and NDTV both report that Indian stock markets closed sharply lower on Thursday, with the BSE Sensex dropping around 600 points and IT stocks bearing the brunt of the selloff. The Nifty 50, while also declining, held above the psychologically important 24,000 level by the close of trade. The combined erosion in market capitalisation was estimated at approximately Rs 1.3 lakh crore.
The primary trigger, as NDTV reports, was a cautious outlook from Accenture, the US-based global IT services giant whose quarterly guidance is closely watched as a leading indicator for Indian IT companies. When Accenture signals weaker demand for technology services, investors typically sell shares in Indian IT majors such as TCS, Infosys, HCL Tech, and Wipro, which derive a significant share of revenues from the same global enterprise clients.
For everyday investors in India, the fall is directly felt through equity mutual funds and direct stock holdings, as IT firms constitute some of the heaviest weightings in the Nifty and Sensex. The episode underlines how exposed India's flagship IT sector remains to shifts in global technology spending.