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

Volatilitas selama sesi tersebut cukup mencolok, dengan penurunan intraday Sensex mencapai hingga 940,26 poin sebelum akhirnya menetap di angka 76.802,90. Koreksi ini mengikuti tren penguatan yang sangat kuat; selama lima hari perdagangan sebelumnya, Sensex telah naik 4,84% (3.577,43 poin) dan Nifty telah melonjak 4,34% (1.006,4 poin).

Saham-saham lain yang mengalami penurunan signifikan mencakup Mahindra & Mahindra dan Hindustan Unilever, seiring pasar merespons sinyal makroekonomi global maupun perkembangan korporasi domestik.

Poin-Poin Penting

  • Krisis Sektor IT: Kekhawatiran global atas pengurangan pengeluaran IT, yang dipicu oleh penurunan panduan pertumbuhan dari Accenture, menyebabkan indeks Nifty IT mencapai level terendahnya dalam lebih dari tiga tahun.
  • Tekanan Saham Berbobot Besar: Aksi jual diperparah oleh penurunan saham-saham berbobot besar dalam indeks seperti HDFC Bank (terdampak oleh perdagangan ex-dividend) dan Reliance Industries.
  • Berakhirnya Bull Run: Koreksi tajam ini memutus tren penguatan selama lima sesi berturut-turut, menghapus sebagian besar keuntungan yang terlihat selama pekan sebelumnya.