Sensex slides 700 pts; Nifty below 24,000 on IT rout

Early trade: benchmarks open sharply lower

Indian equities opened in the red on Friday, with selling pressure concentrated in information technology stocks. The S&P BSE Sensex fell more than 700 points in early trade, while the NSE Nifty50 slipped below the psychologically important 24,000 level. The decline snapped a five-session winning streak for frontline indices.

At 9:25 am, the Sensex was down 724.34 points, or 0.94%, at 76,685.64. The Nifty50 dropped 201.70 points, or 0.83%, to 23,966.30. Market participants tracked the IT-led fall even as lower crude oil prices and improving domestic fundamentals were cited as supportive factors in recent sessions.

What changed after five sessions of gains

The sell-off came after a strong run where the Nifty and Sensex had risen 4.3% and 4.78%, respectively, over the last four sessions, supported by lower oil prices. The Nifty 50 had extended its winning streak to a fifth consecutive session earlier, ending 82 points higher at 24,168, as gains in financials, pharma and realty outweighed weakness in the IT pack.

Friday’s open reversed that tone. Reuters reported the Nifty 50 fell 0.73% to 23,991.2 and the Sensex shed 0.72% to 76,852.86 as of 9:15 a.m. IST. All 16 major sectors logged losses at the open, underlining the breadth of risk-off sentiment.

IT stocks take the brunt of the fall

The biggest drag on the market was the technology sector, with heavy selling across large-cap IT names. Infosys fell 7.84% in early trade, making it the biggest loser on the Sensex in one snapshot. TCS dropped 5.91%, Tech Mahindra declined 5.51% and HCLTech fell 5.13%.

The pressure was not limited to the Sensex constituents. Across the Nifty 50, technology companies dominated the laggards list in early deals. In another market update, all five top losers on the Nifty 50 were IT names led by Infosys, which was down 7.6%, followed by Tech Mahindra (down 6.3%), TCS (down 6%), HCLTech (down 5.3%) and Wipro (down 3.6%).

Accenture’s commentary triggers a sharp read-through

The immediate trigger for the sector fall was a weak read-through from Accenture’s earnings outlook. Indian IT stocks came under pressure after Accenture cut its revenue growth guidance and flagged a weaker demand environment, reviving concerns about the pace of recovery in global technology spending.

The sell-off followed a steep overnight decline in Accenture shares and weakness in Indian IT ADRs. Accenture also highlighted revenue headwinds from West Asia, adding to concerns around near-term demand visibility for IT services.

Nifty IT index drops close to 6%

The sector-level move was sharp. At 9:20 am, the Nifty IT index was down 5.8%, making it the worst-performing sectoral index by a wide margin. Reuters also noted the IT index lost 5.1% at the open, with all 10 constituents declining.

The IT weakness weighed on the broader market as well. At 9:20 am, the Sensex was down 704.02 points, or 0.91%, at 76,705.96, while the Nifty declined 190.70 points, or 0.79%, to 23,977.30. Later, another update put the Nifty at 23,991 (down 0.75% or 181.30 points) and the Sensex at 76,998 (down 0.87% or 781 points) as of 10:10 am.

Analyst view: demand visibility remains the key issue

Goldman Sachs’ analysts pointed to the earnings read-through as a key negative. “We see a negative read-aross for Indian IT companies from Accenture's results, given continued low visibility on demand outlook,” Reuters cited.

Separately, one market update noted that a sudden drop in Accenture’s bookings was being read as a warning sign as global clients pull back on traditional tech spending. The focus for investors remained on whether the weakness is a short-term sentiment shock or a broader reset in tech spending patterns.

Key numbers to track (early trade)

Market impact: why IT moves mattered today

Friday’s move showed how quickly an IT-led sell-off can pull the broader market lower, even when other macro inputs appear supportive. Falling crude oil prices were cited as a positive backdrop, but the scale of declines in index heavyweights such as Infosys and TCS dominated index performance.

With all major sectors logging losses at the open, the session also reflected a broad reduction in risk appetite rather than a rotation into defensives. For market watchers, the key takeaway was that global cues from large technology services companies can transmit rapidly to Indian IT valuations and, by extension, headline indices.

Conclusion

Indian benchmarks opened sharply lower on June 19, 2026, as a steep sell-off in IT stocks pushed the Nifty below 24,000 and dragged the Sensex down over 700 points in early trade. The focus for the rest of the session was on whether selling in IT stabilises after the sharp reaction to Accenture’s outlook and commentary on demand conditions.