Indian Shares Slump As IT Stocks Nosedive After Accenture's Weak Guidance
(RTTNews) - Indian shares were sharply lower in early trade on Friday, with IT stocks coming under heavy selling pressure after Accenture slashed its annual revenue growth forecast, raising concerns around the outlook for Indian IT companies.
The benchmark BSE Sensex was down 702 points, or 0.9 percent, at 76,702 while the broader NSE Nifty index fell by 187 points, or 0.8 percent, to 23,981.
Tech Mahindra, HCL Technologies, TCS and Infosys plummeted 4-8 percent.
Wipro tumbled 3.5 percent despite announcing the successful completion of a large multi-year data center migration project for METRO AG.
HDFC Bank fell 2 percent as the RBI extended Keki Mistry's term as interim part-time chairman of the bank until September 18, 2026.
Reliance Industries rose about half a percent ahead of its AGM today, with investors keenly awaiting updates regarding the proposed listing of Jio Platforms.
Bharat Forge gained 1 percent after its defense arm KSSL entered into a strategic partnership with U.S. military vehicle maker AM General.
Amber Enterprises rose about 1 percent after it entered into a manufacturing collaboration with Oppo Mobiles India Pvt. Ltd.
Diamond Power Infrastructure rallied 2.8 percent on fund raising reports.
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