Benchmark Indian equity indices ended lower on Friday, breaking a five-session gaining streak, as a sharp decline in information technology stocks weighed heavily on sentiment following a cautious outlook from Accenture, despite supportive macro factors like softer crude oil prices, a stable rupee, and overall improving market mood.
The S&P BSE Sensex fell by 607.08 points, or 0.78%, to close at 76,802.90, while the NSE Nifty50 declined by 155.05 points, or 0.64%, to settle at 24,013.10. Even with the day’s losses, both indices still recorded weekly gains of around 1.7%, supported earlier by easing geopolitical tensions and falling oil prices.
The main pressure came from the IT sector after Accenture’s earnings commentary raised concerns about global technology demand and discretionary spending. This led to a steep fall in the Nifty IT index, which dropped 3.65% and became the worst-performing sector of the day. Major IT stocks such as Infosys, TCS, HCLTech, and Tech Mahindra saw significant declines, reflecting investor caution about the near-term recovery in global tech spending.
Broader market sentiment remained relatively stable, with mid-cap and small-cap indices showing modest gains, indicating that selling was concentrated mainly in heavyweight IT and banking stocks rather than being widespread. Defensive sectors like healthcare and pharma also performed positively, helping cushion overall market losses.
Heavyweights such as Reliance Industries and HDFC Bank also added to the downward pressure, as investors booked profits and reacted to company-specific developments. Despite the correction, analysts noted that the underlying market structure remains resilient, with expectations tied to earnings recovery, crude oil trends, monsoon progress, and global geopolitical developments shaping near-term direction.
