Sensex Snaps Winning Streak: IT Selloff and Heavyweight Drags Hit Indices

The Indian equity markets faced a sharp reversal on Friday as the BSE Sensex and NSE Nifty50 ended a five-session winning streak. A massive selloff in technology stocks, compounded by weakness in heavyweights like HDFC Bank and Reliance Industries, pushed the Sensex down by over 600 points.

Tech Sector Slump Triggered by Global Cues

The primary driver of the market decline was a brutal selloff in the IT sector. The Nifty IT index plummeted by more than 6%, hitting its lowest level since April 2023. This volatility was largely triggered by global sentiment following a sharp decline in Accenture’s stock on Wall Street. Accenture’s decision to lower its FY26 revenue growth forecast to 3-4% sparked fears that corporate spending on digital transformation and IT consulting remains cautious.

Indian IT majors felt the brunt of this contagion. Infosys emerged as the biggest loser, with shares sliding nearly 9%. Other significant decliners included Tata Consultancy Services (TCS), which fell 3.53%, HCLTech, which dropped 2.74%, and Tech Mahindra, which ended 2.45% lower. The widespread selling across names like Mphasis and LTIMindtree reflected investor anxiety regarding US-based client spending.

Heavyweights HDFC Bank and Reliance Pull Indices Down

While IT stocks led the decline, the market was further weighed down by large-cap heavyweights. Reliance Industries (RIL) closed at Rs 1,311.50, down 1.25%. This comes amid high-profile developments at the company's 49th AGM, where Chairman Mukesh Ambani announced plans to file the draft red herring prospectus for the Reliance Jio Platforms IPO with SEBI.

HDFC Bank also contributed to the downward pressure, with its shares falling 2.25% to close at Rs 781. The decline was primarily due to the stock trading ex-dividend for a final dividend of Rs 13 per share. Despite the price correction, the move was considered relatively mild when adjusted for the dividend payout. Additionally, the bank noted that the RBI has approved a three-month extension for Keki Mistry's tenure as interim part-time chairman.

Market Statistics at a Glance

ریزش بازار بسیار چشمگیر بود، به‌ویژه با توجه به شتابی که در هفته گذشته مشاهده شده بود. طی پنج جلسه معاملاتی اخیر، شاخص Sensex ۴.۸۴٪ (۳,۵۷۷.۴۳ واحد) و شاخص Nifty ۴.۳۴٪ (۱,۰۰۶.۴ واحد) رشد کرده بودند.

روز جمعه، شاخص BSE Sensex با ۶۰۷.۰۸ واحد یا ۰.۷۸٪ کاهش، در سطح ۷۶,۸۰۲.۹۰ بسته شد. در مقطعی از معاملات درون‌روز، این شاخص تا ۹۴۰.۲۶ واحد سقوط کرده بود. شاخص NSE Nifty50 نیز با کاهش ۱۵۴.۹۰ واحد یا ۰.۶۴٪، در سطح ۲۴,۰۱۳.۱۰ تثبیت شد. فراتر از بخش IT و سهام‌های سنگین، سهام‌هایی مانند Mahindra & Mahindra و Hindustan Unilever نیز با کاهش قیمت بسته شدند.

نکات کلیدی

• سرایت در بخش IT: نگرانی‌های جهانی در پی کاهش پیش‌بینی‌های رشد توسط Accenture، باعث ریزش گسترده در سهام‌های IT هند شد و شاخص Nifty IT به کمترین سطح خود در سه سال اخیر رسید.
• فشار سهام‌های سنگین: سهام‌های با ارزش بازار بالا (Large-cap)، از جمله Reliance Industries و HDFC Bank، به عنوان عوامل اصلی فشار بر شاخص‌های مرجع عمل کردند.
• پایان روند صعودی: این کاهش شدید، به رالی پنج‌روزه بازار پایان داد؛ دوره‌ای که در آن Sensex و Nifty هر کدام بیش از ۴٪ رشد کرده بودند.