Sensex Snaps Winning Streak: IT Selloff and Heavyweights Drag Indices

The Indian equity markets faced a sharp reversal on Friday, ending a five-session winning streak as a massive selloff in technology stocks and weakness in heavyweights weighed on investor sentiment. Despite the volatility, the Nifty50 managed to hold its ground above the psychological 24,000 mark.

Benchmarks Retreat Amid Global Cautions

The BSE Sensex closed significantly lower, shedding 607.08 points, or 0.78%, to finish at 76,802.90. The intraday volatility was notable, with the index plunging as much as 940.26 points before stabilizing. Similarly, the NSE Nifty50 dropped 154.90 points, or 0.64%, settling at 24,013.10.

This correction comes after a robust rally over the previous five trading sessions, during which the Sensex had advanced by 4.84% and the Nifty by 4.34%. The sudden downturn was fueled by a combination of fresh geopolitical concerns and a contagion effect from global technology stocks.

The IT Sector Crisis: The Accenture Effect

The primary driver of the market decline was the technology sector. The Nifty IT index plunged by over 6%, hitting its weakest level since April 2023. This sector-wide slump was triggered by a significant drop in Accenture's stock on Wall Street, where shares fell 11% following a lowered revenue growth forecast for FY26.

Investors fear that businesses are pulling back on discretionary spending for digital transformation. The impact on Indian IT majors was severe:

  • Infosys: Leading the losses, sliding nearly 9%.
  • TCS: Fell by 3.53%.
  • HCLTech & Tech Mahindra: Dropped 2.74% and 2.45% respectively.
  • Other Losers: Mphasis, LTIMindtree, and Persistent Systems all saw losses ranging between 4% and 6%.

Heavyweights HDFC Bank and RIL Join the Decline

While IT stocks led the charge, the indices were further burdened by major index heavyweights. Reliance Industries Limited (RIL) closed at Rs 1,311.50, down 1.25%. This occurred amidst news from its 49th AGM, where Chairman Mukesh Ambani announced that Reliance Jio Platforms would be filing its draft red herring prospectus (DRHP) with SEBI for an upcoming IPO.

HDFC Bank a également subi des pressions à la vente, chutant de 2,25 % pour clôturer à 781 Rs. Cette baisse est largement attribuée au fait que le titre est passé en date ex-dividende pour son dividende final de 13 Rs par action. De plus, la banque a reçu des nouvelles positives suite à l'approbation par la RBI d'une prolongation de trois mois du mandat de Keki Mistry en tant que président intérimaire à temps partiel, apportant ainsi une certaine clarté réglementaire.

Points clés

  • Fin de la hausse : Le marché a mis fin à une série de cinq jours de gains, le Sensex chutant de plus de 600 points en raison de la faiblesse sectorielle et des tensions géopolitiques.
  • Chute du secteur informatique : Les inquiétudes mondiales concernant la réduction des dépenses informatiques — déclenchées par les perspectives affaiblies d'Accenture — ont porté l'indice Nifty IT à son niveau le plus bas depuis plus de trois ans.
  • Poids des valeurs lourdes : La baisse a été accentuée par des acteurs majeurs tels que Reliance Industries et HDFC Bank, empêchant le Nifty50 de maintenir sa récente dynamique de hausse.