Nifty slips below 24,000 as IT stocks slide after Accenture cut

Indian equities opened sharply lower on Friday as a steep fall in information technology stocks following Accenture’s weaker revenue guidance pulled the Nifty 50 below 24,000 and knocked the Sensex by more than 750 points in early trade. The Nifty IT index dropped about 6 to 6.5 percent, making it the worst performing sectoral gauge and snapping the benchmarks’ five-session winning streak.

Market overview

Index	19 Jun 2026 Open / Early Trade	Move & % Change	Comments
Sensex	approx. 76,620	about -790 pts (-1.0%)	Gap-down open as IT heavyweights drag; breaks recent record zone.
Nifty 50	23,952 (9:16 am)	-216 pts (-0.89%)	Slips below 24,000 after five-session rally, led by tech weakness.
Nifty IT	not stated	approx. -6% to -6.5%	Steepest sectoral fall after Accenture trims revenue growth guidance.

Note: figures are approximate; final exchange data not available at time of publication.

• Sensex fall follows Thursday close at 77,410, when it had gained 254 points.
• Weak global cues and IT-led selling offset support from banks and defensives.
• GIFT Nifty indicated a negative start, trading about 190 points lower pre-open.

Key movers

Top IT losers in early trade

Stock	Sector	Notable Factor
Infosys	IT services	Down about 7.5% to 8% after Accenture guidance cut and ADR fall of 10%.
TCS	IT services	Down around 5% to 6%, tracks global IT sentiment after Accenture results.
Tech Mahindra	IT services	Declines over 6%, hit by concerns on discretionary tech spending.
Mphasis	IT services	Falls over 6%, impacted by weak read-across from outsourcing bookings.
HCL Tech	IT services	Down over 5%, relatively better placed on cost-optimisation focus.
Persistent Systems	IT services	Drops over 6%, mirrors pressure across midcap IT.
Coforge	IT services	Sheds over 5%, hurt by softer global demand commentary.
LTM / L&T Tech	IT / engineering services	Down between 2% and 5%, joins sector-wide selloff.
Wipro	IT services	Down about 4%, after US ADRs closed 4% lower.

• All Nifty IT constituents trade in the red in opening deals.
• Within the broader Nifty 500, the top 15 losers are IT names.
• Infosys shares are down about 31% year-to-date, reflecting prolonged growth worries.

Sectoral action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	down 6% to 6.5%	Accenture guidance cut, weaker outsourcing bookings, global tech selloff.
Banks / Financials	down	Profit taking after recent outperformance; still seen as structural support.
Realty & Consumption	down	Risk-off mood, spillover from broader index correction.
Pharma & Healthcare	up marginally	Defensive buying as investors rotate from cyclicals and IT.
Media & Chemicals	flat to slightly up	Relative resilience amid sector rotation.

• Sector breadth is weak, with broad-based selling across most cyclical indices.
• Defensive pockets like healthcare and select mid-smallcap healthcare indices stay in the green.

Accenture results and read-through for Indian IT

• Accenture narrowed full-year constant-currency revenue growth guidance to 3% to 4% from 3% to 5%.
• Excluding its US federal business, it now expects 4% to 5% growth, versus 4% to 6% earlier.
• Fourth-quarter revenue is guided at USD 17.75–18.4 billion, below the USD 18.47 billion analyst consensus.
• Q3 revenue rose about 5.6% year-on-year to USD 18.7 billion, slightly under estimates.
• Total bookings fell 1.9% to USD 19.32 billion; managed services bookings declined 15%.
• Consulting bookings grew 13%, but discretionary spending remains soft.
• The company cited a USD 400 million hit from the Middle East conflict in Q3 and warned of more impact.
• Accenture shares dropped more than 11% to 17% overnight, triggering a global IT selloff.
• Infosys and Wipro ADRs fell 10% and 4% respectively on the New York Stock Exchange.
• Accenture said client budgets are not expanding, even with AI, with spends being redeployed instead.
• Operating margin expanded by 20 basis points to 17%; full-year EPS guidance was raised.
• “Demand for large-scale reinvention remains strong … and we are seeing more large-scale AI transformation programs,” said CEO Julie Sweet.

Global and macro cues

Market/Asset	Movement	Notes
S&P 500 futures	-0.3%	Indicates softer US risk sentiment after tech-led volatility.
Japan Topix	-0.3%	Asian equities pause after recent tech-driven gains.
Australia S&P/ASX 200	-1.0%	Dragged by resource and rate concerns.
Euro Stoxx 50 futures	-0.5%	Points to weaker European open.
Brent crude	headed for about -9% weekly	Supply normalisation in Hormuz Strait, easing inflation worries.
USD/INR	Rupee at 94.35 per USD (open)	Local currency weak at open despite lower oil.

Note: figures are approximate; final market data not available at time of publication.

• Asian markets trade mixed to slightly lower, despite earlier tech strength in the region.
• Crude’s decline offers medium-term relief for India but is overshadowed by IT-led risk aversion.

Technical and positioning snapshot

• Thursday, Sensex formed a bullish candle with higher high and higher low, closing at 77,410.
• Key Sensex support is seen around 76,800–77,000, which was breached intraday on Friday’s open.
• Analysts expect overall market structure to stay constructive if these support zones hold on closing basis.
• Bank Nifty remains in an uptrend, with support near 56,000, but faces consolidation after a sharp 5,000-point rise.
• Portfolio managers like Helios India continue to avoid IT structurally, citing AI disruption and value-trap risks.

Key market statistics

Statistic	Value/Change	Context
GIFT Nifty early indication	about 24,009, down 191 pts	Signalled the negative open for Nifty 50.
Average MTF book (NSE & BSE, recent 3 months)	above ₹1.1 lakh crore	High leverage in system as SEBI reviews margin trading rules.

• SEBI has proposed raising broker net-worth for margin trading from ₹3 crore to ₹5 crore.
• The regulator also plans to widen funding avenues via NCDs and other debt instruments.

FAQs

Q: Why did Indian IT stocks fall so sharply today?

• Accenture cut its full-year revenue growth guidance and reported weaker managed services bookings.
• Its shares and global peers sold off, dragging Infosys, TCS, Wipro and others lower in sympathy.
• Investors fear continued softness in discretionary tech spending and slower deal flows for Indian IT.

Q: Is the broader market fall only about IT earnings?

• IT is the primary driver, with Nifty IT down about 6 to 6.5 percent.
• Weak global cues and some profit booking after a five-session rally also weighed on indices.
• Other sectors like banks, realty and consumption are lower, though defensives are cushioning the decline.

Q: How are global markets influencing Indian equities today?

• US and European futures are mildly negative, signalling risk-off sentiment.
• Asian indices are mixed, with some profit taking after recent gains.
• Lower crude prices are supportive for India, but near-term focus is on IT-specific global news.

Frequently Asked Questions

Why did Indian IT stocks fall so sharply today?

Accenture cut its full-year revenue growth guidance, reported weaker managed services bookings and saw its shares slide in the US. This triggered a global IT selloff, with investors pricing in softer discretionary tech spending and slower deal flows for Indian IT firms such as Infosys, TCS, Wipro, HCL Tech and Tech Mahindra.

How did Sensex and Nifty open in today’s session?

In early trade, the Sensex fell about 790 points, or roughly 1 percent, to around 76,620, while the Nifty 50 dropped 216 points, or about 0.9 percent, to 23,952, slipping below the 24,000 mark as IT heavyweights dragged the benchmarks lower.

Which sectors are holding up better amid today’s selloff?

While IT, banks, financials, realty and consumption are under pressure, defensive pockets such as pharma, healthcare, media, chemicals and select mid- and small-cap healthcare indices are trading flat to slightly higher, reflecting rotation into relatively resilient sectors.