Sensex falls 786 points, Nifty below 24,000 as Infosys, TCS lead IT stock selloff
PTC Web Desk: India's benchmark equity indices opened sharply lower on Friday, snapping a five-session winning streak, as heavy selling pressure in information technology stocks weighed on market sentiment. Investors turned cautious after global consulting giant Accenture trimmed its revenue growth forecast, triggering concerns over demand prospects for the IT sector.
The BSE Sensex plunged 786.58 points in early trade to touch 76,624.90, while the NSE Nifty50 dropped 210.95 points to 23,959.80, slipping below the key 24,000-mark.
Technology counters bore the brunt of the selloff, dragging the broader market lower. Infosys emerged as the biggest loser among Sensex constituents, falling more than 8 per cent. Tata Consultancy Services (TCS) declined around 6 per cent, while Tech Mahindra and HCL Technologies lost nearly 5 per cent each during the opening session.
Apart from IT stocks, shares of HDFC Bank and Tata Steel also traded in negative territory, adding to the market's weakness.
The broader technology segment witnessed significant pressure, with the BSE IT index tumbling over 5 per cent in early deals as investors reacted to concerns surrounding future earnings growth and global technology spending.
Despite the weak market trend, a few stocks managed to stay in the green. NTPC, Bharti Airtel, Trent and Power Grid Corporation were among the notable gainers, providing limited support to the benchmark indices.
Meanwhile, global cues remained mixed. Asian markets showed resilience, with South Korea's Kospi and Japan's Nikkei 225 posting modest gains. On Wall Street, US equity markets ended higher in the previous session, indicating a largely positive international backdrop.
In the commodities market, Brent crude oil prices eased 0.93 per cent to USD 79.11 per barrel, offering some relief on the inflation front.
- With inputs from agencies
