Indian benchmark indexes opened lower on Friday, ending a five-session rally as information technology stocks came under heavy selling pressure following a weaker-than-expected outlook from Accenture. The Nifty 50 fell 0.82% to 23,970.6, while the Sensex dropped 0.94% to 76,688.63 in early trading. Despite the decline, both indexes remained on track for weekly gains of about 1.5%, supported by lower oil prices earlier in the week.
The IT sector was the biggest drag on the market, with the Nifty IT Index plunging 5.7% to a three-year low. Major technology companies including TCS, Infosys, and HCLTech fell between 5% and 8.1%. Analysts said Accenture’s cautious revenue outlook raised concerns that Indian IT firms could face slower demand and may be forced to cut their own growth forecasts.
Index heavyweight HDFC Bank also weighed on sentiment, falling 2% after India's central bank approved only a three-month extension for interim chairman Keki Mistry until a permanent successor is appointed. The decline in banking and technology stocks pushed 12 of the market's 16 major sectors into negative territory.
In contrast, Reliance Industries gained 0.5% ahead of its annual general meeting, where investors are expecting updates on Reliance Jio’s potential IPO, artificial intelligence initiatives, and data center expansion plans.
Among individual movers, Aurobindo Pharma rose 2% after announcing plans to divest four generic drug products to meet regulatory requirements tied to its proposed $250 million acquisition of U.S.-based Lannett Company. Amber Enterprises also gained 2% after signing a manufacturing agreement with Oppo India to produce smartphones for the Oppo, OnePlus, and Realme brands.
Market participants continue to monitor global and domestic risks. Analysts noted that easing oil prices following the U.S.-Iran peace agreement have provided support to equities, but concerns about a potential weak monsoon and El Niño weather conditions could pose challenges for the Indian economy and markets in the coming months.
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