Sensex Drops 600 Points as IT Selloff and Heavyweight Drag End Winning Streak
The Indian equity markets faced a sharp reversal on Friday, snapping a five-session winning streak as geopolitical concerns and a massive selloff in technology stocks weighed heavily on investor sentiment. While the Nifty50 managed to hold the 24,000 mark, the BSE Sensex plummeted by over 600 points, reflecting a significant intraday correction.
IT Sector Bloodbath Triggered by Global Headwinds
The primary catalyst for the market decline was a brutal selloff in the technology sector. The Nifty IT index emerged as the day's worst performer, plunging more than 6% to reach its lowest level since April 2023. This downturn was largely triggered by a weak growth outlook from US-based consulting giant Accenture.
Accenture’s decision to lower its FY26 revenue growth forecast to 3-4%—down from its previous guidance of 3-5%—sent shockwaves through Dalal Street. Investors feared that a reduction in discretionary spending by US corporations could directly impact Indian IT majors. Among the domestic players, Infosys saw a massive slide of nearly 9%, while Tata Consultancy Services (TCS), HCLTech, and Tech Mahindra all registered significant losses ranging between 2% and 6%.
Heavyweights HDFC Bank and Reliance Pull Indices Down
The market decline was not limited to the IT sector. Major index heavyweights HDFC Bank and Reliance Industries (RIL) also faced selling pressure, compounding the losses for both the Sensex and Nifty50.
HDFC Bank shares dropped by 2.25% to close at Rs 781. This decline was largely technical, as the stock began trading ex-dividend for a final dividend of Rs 13 per share. However, the bank remained in focus as the RBI approved a three-month extension for Keki Mistry's tenure as interim part-time chairman.
Meanwhile, Reliance Industries closed down 1.25% at Rs 1,311.50. Despite Chairman Mukesh Ambani outlining a future roadmap at the 49th AGM and announcing the upcoming filing of the draft red herring prospectus for the Reliance Jio Platforms IPO, the stock's downward movement contributed significantly to the Sensex's 607.08-point fall.
Market Summary and Volatility
La volatilité au cours de la séance a été notable, avec une baisse intraday du Sensex atteignant 940,26 points avant de se stabiliser à 76 802,90. Cette correction fait suite à une période de hausse exceptionnellement forte ; au cours des cinq jours de bourse précédents, le Sensex avait progressé de 4,84 % (3 577,43 points) et le Nifty de 4,34 % (1 006,4 points).
D'autres pertes notables incluaient Mahindra & Mahindra et Hindustan Unilever, alors que le marché intégrait à la fois les signaux macroéconomiques mondiaux et les évolutions des entreprises nationales.
Points clés
- Crise du secteur de l'IT : Les inquiétudes mondiales concernant la réduction des dépenses informatiques, déclenchées par la révision à la baisse des prévisions de croissance d'Accenture, ont conduit l'indice Nifty IT à son niveau le plus bas depuis plus de trois ans.
- Pression des poids lourds : La vente massive a été exacerbée par les baisses des poids lourds de l'indice, HDFC Bank (impactée par la négociation hors dividende) et Reliance Industries.
- Fin du marché haussier : La correction brutale a mis fin à une série de cinq séances de gains, effaçant une partie importante des hausses observées la semaine précédente.