Nifty 50 Falls 0.64% as IT Stocks Slide on Accenture’s Weak Guidance

Indian benchmark indices closed lower on Friday, June 19, with the Nifty 50 falling 154.90 points, or 0.64%, to settle at 24,013.10, halting a five-session winning streak as weakness in technology stocks dragged down the broader market.

A Broad Decline Led by Tech

India’s BSE Sensex closed about 0.8% down at 76,803 on Friday, halting a five-day advance, pressured by weakness in tech stocks following revenue growth guidance cut by Accenture. The SENSEX Index decreased 607 points, or 0.78%, to close at 76,803, with the decline led by Infosys, down 6.48%, Tata Consultancy Services, down 3.04%, and HCL Tech, down 2.73%.

The selloff in technology shares was particularly steep during the morning session. India’s BSE Sensex fell about 0.9% to 76,684 at the open on Friday, retreating from a five-day advance as information technology stocks led losses after Accenture’s latest results raised concerns about demand prospects for the sector. Shares of Tata Consultancy Services, Infosys, Tech Mahindra, and HCL Tech fell between 5.1% and 8.1% during the session.

Broader Market Sentiment Also Under Pressure

Beyond the technology-specific concerns, several macro factors contributed to the day’s weaker sentiment across Indian markets. Market sentiment was also hit by foreign outflows, renewed geopolitical uncertainties and the prospect of higher U.S. interest rates.

That pressure was reflected in foreign and domestic institutional investor activity for the session. Foreign institutional investors recorded net activity of 4,859.07 crore rupees, while domestic institutional investors posted net outflows of 1,159.64 crore rupees on June 19.

Other Notable Decliners

Beyond the major IT names, weakness extended across several other sectors during Friday’s session. Other notable laggards across sectors included HDFC Bank, down 2.1%, Meesho, down 1.0%, Vedanta, down 1.9%, Bata India, down 4.5%, and Ola Electric, down 2.6%. HDFC Bank and Mahindra & Mahindra were also among the session’s broader laggards, down 2.3% and 2.1%, respectively.

Stocks That Bucked the Trend

Despite the broad-based decline, several companies posted gains during the session, particularly in the defense and infrastructure sectors. On the upside, MTAR gained 3.1%, IFCI rose 5.7%, Paras Defence advanced 6.0%, and HFCL climbed 5.0%.

Among larger-cap names, top gainers included Eternal, up 2.2%, Bharti Airtel, up 1.8%, Power Grid, up 1.3%, and NTPC, up 1%. A separate measure of the session’s strongest performers similarly pointed to Bharti Airtel, up 1.61%, Power Grid, up 1.35%, and Nestlé India, up 1.22%.

Still Near Recent Highs Despite the Pullback

Despite Friday’s losses, the broader trend for Indian equities over the past week remained positive. Despite Friday’s decline, the benchmark indexes remained near recent highs after gaining in each of the previous five sessions. The index remained on track for a weekly gain of 1.5%. For the week overall, the Sensex advanced by 1.7%, even after accounting for Friday’s pullback.

A Notable Corporate Development: Bajaj Auto Buyback

Beyond the broader market movements, several individual corporate announcements drew investor attention during the session. Bajaj Auto’s board approved a 5,632.8 crore rupee buyback of shares, setting a record date of June 24 — a significant capital return move that gives shareholders a clear date to track ahead of the buyback’s execution.

Other Corporate News Driving Individual Stocks

Several other company-specific developments also factored into Friday’s trading. Geojit BNP upgraded Ramco Cements to a “Buy” rating, citing higher demand from government spending on infrastructure. Separately, analysts forecasted Prestige’s first-quarter revenue to grow 114% year-over-year, amid higher collections across markets, while Reliance Industries’ subsidiary Jio Platforms approved an IPO draft via a fresh issue of 27 crore shares.

Early Signals From Gift Nifty

Looking ahead to the next trading session, early indicators from Gift Nifty pointed to a modest rebound. Gift Nifty was trading 0.30% higher, at 24,042.00, suggesting at least a partial recovery may be in store when Indian markets reopen, though such early indicators can shift considerably before the regular session begins.

With Accenture’s revenue guidance cut continuing to weigh on sentiment toward India’s large IT exporters, market participants will be watching whether weakness in technology shares spills over into other sectors in the sessions ahead, or whether Friday’s decline proves to be a temporary pause within the broader five-day uptrend that had carried the market to recent highs. Investors will also continue monitoring foreign institutional investor flows and developments tied to U.S. interest rate expectations, both of which contributed to Friday’s broader risk-off tone across Indian equities alongside the sector-specific pressure from the technology space.