Domestic benchmark indices snapped their five-session winning streak on Friday, with the BSE Sensex plunging over 830 points and the Nifty 50 shedding nearly 230 points, dragged lower by a sharp sell-off in information technology stocks after Accenture cut its full-year revenue growth guidance and delivered a weaker-than-expected outlook.

The decline comes after a strong rally in the previous five sessions, during which benchmark indices gained 4.3-5 per cent, supported by easing crude oil prices amid progress in the US-Iran peace process and optimism around the India-UK free trade agreement.

However, concerns over global technology spending resurfaced after Accenture lowered its full-year revenue growth forecast, triggering a steep correction across global IT stocks and weighing heavily on Indian technology counters.

Equity investors added ₹25.27 lakh crore to their wealth during the market’s five-session winning streak

IT stocks bear the brunt of selling pressure

At 9.47 am, Sensex traded 730.22 points or 0.94 per cent lower at 76,679.76 after hitting a low 76,578.08, and Nifty 50 fell 198.70 points or 0.82 per cent to 23,969.30.

The Nifty IT index slumped more than 6 per cent to a fresh low of 26,634.50, extending losses from the previous session when technology stocks were pressured by the US Federal Reserve’s hawkish commentary. All major sectoral indices traded in the red except pharma and healthcare.

Among Nifty 50 constituents, Infosys, TCS, Tech Mahindra, HCLTech and Wipro emerged as the biggest laggards. Selling pressure was equally visible in the broader technology space, with Mphasis, Persistent Systems and Coforge declining 4-6 per cent.

The weakness followed a sharp reaction in overseas markets. Accenture shares plunged 18 per cent overnight after the company trimmed its full-year revenue guidance. The negative sentiment spilled over to peers, with Cognizant falling 11 per cent and Capgemini declining nearly 9 per cent. Infosys ADRs tumbled nearly 10 per cent, while Wipro ADRs fell 3.6 per cent.

Broader market sentiment turns cautious

Broader markets also traded in negative territory, reflecting the risk-off mood. The Nifty Midcap index declined 0.44 per cent, while the Nifty Smallcap index slipped 0.10 per cent. Market volatility rose sharply, with the India VIX climbing more than 6 per cent to 13.46.

At the time of writing, 1,103 stocks advanced, while 1,523 declined on the NSE. A total of 69 stocks touched their 52-week highs, compared with 28 stocks that hit fresh 52-week lows.

Top movers today

Among gainers in the benchmark index, Adani Enterprises, NTPC, Sun Pharma, Trent and Bharti Airtel bucked the broader weakness. In the midcap space, GVT&D, Tata Communications, Aurobindo Pharma and Waaree Energies gained 1-2 per cent, while IFCI, GE Shipping, Jyoti CNC and Netweb Technologies rose 2-5 per cent in the smallcap segment.

Despite the sharp correction, market experts believe underlying domestic fundamentals remain supportive.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said improving macroeconomic conditions driven by the sharp correction in crude oil prices continue to provide underlying strength to the market. He noted that short covering by foreign institutional investors has aided the recovery in banking stocks and could support further gains in the segment, although intermittent profit booking cannot be ruled out.

According to Vijayakumar, the guidance cut by Accenture has triggered selling in Indian IT majors’ ADRs and could lead to further near-term correction in domestic technology stocks. However, he believes buying interest may emerge at lower levels as valuations become increasingly attractive.

He also highlighted that the moderation in FII selling, coupled with strong domestic institutional investor inflows, could help impart resilience to the broader market. Vijayakumar added that investors would closely track Reliance Industries’ annual general meeting for announcements related to its new energy business and the potential Jio IPO.

“The market structure indicates that buy on dips can turn out to be a good strategy today,” he said.

Wall Street ended higher overnight after reports of an interim peace accord between the US and Iran signalled a halt to military operations and the reopening of the Strait of Hormuz, easing concerns over energy supplies.

The S&P 500 advanced 1.1 per cent, while the Nasdaq Composite jumped 1.9 per cent. The Dow Jones Industrial Average edged up 0.1 per cent.

US markets will remain shut today on account of the Juneteenth holiday. Asian indices – Hong Kong, China and Taiwan are also shut today

However, the relief rally in global equities was overshadowed locally by the sharp deterioration in sentiment towards technology stocks, resulting in a broad-based decline across Indian benchmarks.

On Thursday, Sensex rose 254.36 points or 0.33 per cent to close at 77,409.98, while the Nifty 50 gained 82.30 points or 0.34 per cent to settle at 24,168.00.

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Published on June 19, 2026