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

Ketidaktentuan semasa sesi tersebut adalah ketara, dengan penurunan intraday Sensex mencecah setinggi 940.26 mata sebelum ditutup pada 76,802.90. Pembetulan ini menyusuli lonjakan yang sangat kuat; dalam tempoh lima hari dagangan sebelumnya, Sensex telah meningkat sebanyak 4.84% (3,577.43 mata) dan Nifty telah melonjak sebanyak 4.34% (1,006.4 mata).

Saham lain yang merosot ketara termasuk Mahindra & Mahindra dan Hindustan Unilever, ketika pasaran menilai kedua-dua isyarat makroekonomi global dan perkembangan korporat domestik.

Ringkasan Utama

  • Krisis Sektor IT: Kebimbangan global mengenai pengurangan perbelanjaan IT, yang dicetuskan oleh penurunan unjuran pertumbuhan oleh Accenture, telah menyebabkan indeks Nifty IT jatuh ke tahap terendah dalam tempoh lebih tiga tahun.
  • Tekanan Saham Utama: Jualan besar-besaran diburukkan lagi oleh penurunan saham utama indeks seperti HDFC Bank (terkesan oleh perdagangan tanpa dividen) dan Reliance Industries.
  • Penamatan Trend Bullish: Pembetulan tajam ini telah memutuskan rentetan kemenangan lima sesi, sekali gus menghapuskan sebahagian besar daripada keuntungan yang dicatatkan pada minggu sebelumnya.