Sensex Snaps Winning Streak as IT Selloff and Heavyweights Drag Markets

The Indian equity markets faced a sharp reversal on Friday as the BSE Sensex and Nifty50 ended a five-session winning streak. A combination of a massive selloff in technology stocks and weakness in heavyweights like HDFC Bank and Reliance Industries pushed the indices lower despite Nifty50 managing to stay above the 24,000 mark.

IT Sector Crashes Following Accenture's Weak Guidance

The primary driver behind the market decline was a heavy selloff in the technology sector. The Nifty IT index plummeted by over 6%, hitting its lowest level since April 2023. This contagion was triggered by a sharp 11% drop in Accenture's stock on Wall Street, where the consulting giant revised its FY26 revenue growth forecast downward to 3-4% from its previous guidance.

This revision has sparked fears among Indian investors that global corporate spending on discretionary IT consulting and digital transformation is slowing down. Leading Indian IT firms saw significant losses:

  • Infosys: The biggest loser, sliding nearly 9% (and 6.69% at close).
  • TCS: Dropped 3.53%.
  • HCLTech: Declined 2.74%.
  • Tech Mahindra: Ended 2.45% lower.

Heavyweights HDFC Bank and Reliance Weigh on Indices

While IT stocks led the charge, the broader indices were further dragged down by index heavyweights. The BSE Sensex fell by 607.08 points, or 0.78%, to settle at 76,802.90, with intraday volatility seeing it drop as much as 940 points.

HDFC Bank shares fell 2.25% to close at Rs 781. The decline was largely attributed to the stock turning ex-dividend for a final dividend of Rs 13 per share. Additionally, the bank noted that the RBI has approved a three-month tenure extension for Keki Mistry as interim part-time chairman.

Reliance Industries (RIL) also contributed to the downward pressure, closing at Rs 1,311.50, down 1.25%. The decline comes at a pivotal moment for the conglomerate, as Chairman Mukesh Ambani recently announced the upcoming filing of the draft red herring prospectus (DRHP) for the Reliance Jio Platforms IPO with SEBI.

Market Sentiment Impacted by Geopolitical Concerns

क्षेत्रीय कमजोरी के अलावा, नए भू-राजनीतिक चिंताओं ने ट्रेडिंग सेंटीमेंट में सावधानी का स्तर बढ़ा दिया है। बाजार का यह अचानक उलटफेर एक अत्यधिक तेजी (bullish) वाले दौर के बाद हुआ है; पिछले पांच कारोबारी दिनों में, Sensex में 4.84% (3,577.43 अंक) की वृद्धि हुई थी और Nifty 4.34% (1,006.4 अंक) चढ़ा था। शुक्रवार की बिकवाली इस तीव्र तेजी के बाद एक महत्वपूर्ण सुधार (correction) के रूप में है, जो वैश्विक व्यापक आर्थिक (macroeconomic) संकेतों और घरेलू दिग्गज कंपनियों की गतिविधियों, दोनों के प्रति निवेशकों की संवेदनशीलता को दर्शाती है।

मुख्य बातें

  • IT सेक्टर में उतार-चढ़ाव: Accenture द्वारा विकास के अनुमान में कटौती के कारण IT खर्च में कमी की वैश्विक चिंताओं की वजह से Nifty IT इंडेक्स तीन साल से अधिक के अपने सबसे निचले स्तर पर पहुंच गया।
  • दिग्गज शेयरों का दबाव: HDFC Bank (ex-dividend समायोजन के कारण) और Reliance Industries में नुकसान के कारण बाजार की गिरावट और बढ़ गई।
  • तेजी का अंत: बिकवाली ने पांच दिनों की बढ़त के सिलसिले को तोड़ दिया, जिससे पिछले सप्ताह Sensex में लगभग 5% की वृद्धि के बाद एक बड़ा उलटफेर देखने को मिला।