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 juga menghadapi tekanan jual, turun 2,25% dan ditutup pada level Rs 781. Penurunan ini sebagian besar disebabkan oleh status saham yang menjadi ex-dividend untuk dividen final sebesar Rs 13 per saham. Selain itu, bank tersebut menerima kabar positif setelah RBI menyetujui perpanjangan masa jabatan Keki Mistry selama tiga bulan sebagai ketua paruh waktu sementara, yang memberikan kejelasan regulasi.

Poin Penting

  • Akhir dari Reli: Pasar memutus tren kenaikan selama lima hari berturut-turut, dengan Sensex turun lebih dari 600 poin akibat pelemahan sektoral dan ketegangan geopolitik.
  • Kemerosotan Sektor IT: Kekhawatiran global atas pengurangan pengeluaran IT—yang dipicu oleh prospek lemah dari Accenture—membuat indeks Nifty IT jatuh ke level terendahnya dalam lebih dari tiga tahun.
  • Beban Saham Berkapitalisasi Besar: Penurunan ini diperparah oleh pemain besar seperti Reliance Industries dan HDFC Bank, yang menghalangi Nifty50 untuk mempertahankan momentum kenaikannya baru-baru ini.