The Indian stock market opened in the red on Friday, snapping a five-day winning streak amid a sharp sell-off in IT stocks. At 9:30 am, the Sensex declined 750 points or 0.96 per cent to 76,568.88, while the Nifty 50 was trading at 23,962.85, down 201.15 points or 0.85 per cent in early trade.
The broader market remained relatively resilient compared to the frontline indices, with small-cap stocks witnessing limited losses.
However, heavy selling in IT heavyweights dragged the benchmarks lower. The Nifty IT index emerged as the worst-performing sector, plunging 6.03 per cent to 26,749.85.
The sell-off was triggered by Accenture’s cautious global outlook, which sparked concerns over demand trends and discretionary technology spending.
Major losers on the Nifty included Infosys, which fell nearly 7 per cent, Tech Mahindra, which dropped over 6 per cent, HCLTech, which declined more than 5 per cent, and TCS, which also witnessed sharp selling pressure.
Today’s weakness in IT stocks accounted for a large part of the benchmark decline.
Among the top gainers were defence and healthcare stocks. Sun Pharma was the biggest gainer on the Nifty, rising 0.42 per cent, followed by Power Grid Corporation (0.35 per cent), ICICI Bank (0.26 per cent), Reliance Industries (0.18 per cent), and Kotak Mahindra Bank (0.01 per cent).
Follow us
