Markets Plunge Due to IT Stock Sell-Off

Domestic markets opened sharply lower on Friday, weighed down by mixed global cues and heavy selling in IT stocks. The Sensex plunged nearly 800 points, while the Nifty slipped below the crucial 24,000 mark, reflecting weak investor sentiment. As of 9:30 AM, the Sensex was trading at 76,627, down 783 points, and the Nifty fell 218 points to 23,949. Meanwhile, the Indian rupee strengthened slightly by 10 paise against the US dollar to trade at 94.30. Among Nifty stocks, Adani Enterprises, Cipla, Bajaj Auto, ICICI Bank, and Max Healthcare showed gains, whereas Infosys, Tech Mahindra, TCS, HCL Technologies, and Wipro faced sharp declines.

The IT sector came under intense pressure after Accenture lowered its revenue growth forecast and flagged weak future demand, denting investor confidence. The Nifty IT index dropped over 6 percent, with Infosys plunging 7.3 percent, while TCS and Tech Mahindra fell around 6 percent each. HCL Technologies declined by 5.5 percent and Wipro dropped 4 percent. Notably, Accenture shares had already tumbled 17 percent in the US markets on Thursday. Meanwhile, Asia-Pacific markets showed mixed trends, with South Korea’s Kospi rising 2.8 percent and Japan’s Nikkei gaining 0.6 percent, while Australia’s ASX slipped 0.74 percent. US markets ended higher in the previous session.