Sensex slides 1% as IT sinks on Accenture FY26 cut

Market opens lower after five-session rally

Indian equities opened sharply lower on Friday, June 19, 2026, snapping a five-session winning streak as selling intensified in information technology stocks. The fall came after a strong run where the Sensex had gained nearly 4.8% and the Nifty rose over 4.3% over the previous five sessions. Early optimism from lower crude oil prices and improving domestic market conditions was overshadowed by sector-specific pressure in IT. Multiple early-trade updates showed the benchmark indices trading firmly in the red, with the Nifty slipping below the 24,000 mark in the first hour. The weakness was broad-based, with Reuters noting losses across major sectors at the open. But the sharpest pressure was concentrated in IT counters, which led declines on both the Sensex and the Nifty.

Sensex and Nifty levels: a volatile first hour

The intraday prints in early deals reflected fast-moving sentiment. One update showed the 30-share BSE Sensex down 786.58 points at 76,624.90 in initial trade. Another snapshot had the Sensex down 745 points at 76,664, while a separate early-trade figure put the Sensex lower by 724.34 points, or 0.94%, at 76,685.64 at 9:25 am, with the Nifty50 down 201.70 points, or 0.83%, at 23,966.30. Reuters reported that as of 9:15 a.m. IST, the Nifty 50 was down 0.73% at 23,991.2 and the Sensex was down 0.72% at 76,852.86. By 9:55 a.m. IST, Reuters reported the Nifty 50 down 0.82% at 23,970.6 and the Sensex down 0.94% at 76,688.63. Another update placed the Sensex down 635.85 points, or 0.84%, at 76,774.13 and the Nifty at 23,997.90 as of 10:13 am.

What triggered the selloff: Accenture’s outlook and guidance

The immediate trigger highlighted across reports was Accenture’s latest revision in FY26 revenue guidance and commentary that demand visibility remains weak. The weaker read-through from Accenture’s earnings outlook weighed on sentiment for Indian IT services companies, which have meaningful exposure to global technology budgets. Reuters also reported that Accenture forecast quarterly revenue below Wall Street estimates and revised down its annual revenue forecast due to challenges in its Middle Eastern operations. Another Reuters item flagged that Accenture warned of a USD 400 million hit to its Middle East business from the Iran conflict in the third quarter, with a warning of further impact in the fourth quarter. While Indian markets had benefited in recent sessions from easing geopolitical tensions and lower oil prices, renewed concerns around the Middle East and global tech spending surfaced again in Friday’s trade.

IT takes the biggest hit across sectors

IT stocks led the decline and pulled the broader indices lower. The BSE IT index was reported down 5.38% in early trade, while Reuters cited IT index losses of 5.1% at the open and later 5.7% to a three-year low, with all constituents declining. Another update said the Nifty IT index fell more than 6% and also cited a level of 26,752.85 after dropping 6.02%. At 9:16 am, the Nifty IT index was reported down 6.1%, making it the worst-performing sectoral index by a wide margin. The intensity of selling in IT also contributed to broader weakness, with Reuters noting that all 16 major sectors logged losses at the open in one early update, and twelve of sixteen sectors were down in another.

Heavy selling in Infosys, TCS, Tech Mahindra, HCLTech

Large-cap IT names were at the centre of the move. Among Sensex constituents, Infosys fell by more than 8% in early trade, with one update putting the drop at 7.84%. Tata Consultancy Services declined around 6%, with one update showing a 6.15% fall and another at 5.91%. Tech Mahindra was cited down between 5% and 6%, including a 5.51% fall in one snapshot. HCLTech was reported down around 5%, including declines of 4.9%, 5%, and 5.13% in different early updates. Reuters also reported declines in TCS, Infosys, HCLTech and Wipro in the range of 3.3% to 6%.

Bank and metal names add to pressure, but a few stocks rise

Beyond IT, HDFC Bank was also mentioned among notable underperformers, with one early snapshot showing the stock down about 2%. Tata Steel was also listed among the laggards in one update. On the other side, a limited set of Sensex names were reported as gainers in early trade, including NTPC, Sun Pharma, Bharti Airtel, PowerGrid, Reliance Industries (RIL), and Trent. One update described these as the only Sensex gainers, rising up to about 1.16%. The overall tone remained risk-off in the first hour as IT-led selling spilled into the broader market.

Wall Street signal: ADR moves and broker read-through

Market participants linked domestic selling to overnight moves in US-listed instruments. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said guidance cuts by Accenture triggered a sell-off in the American Depositary Receipts (ADRs) of major Indian IT firms, and that this can cause a correction in IT stocks in the domestic market too. Reuters separately noted that US-listed shares of Infosys and Wipro fell 9.7% and 3.6%, respectively, indicating sector pressure at the open. Goldman Sachs analysts said they see a negative read-across for Indian IT companies from Accenture’s results, citing continued low visibility on the demand outlook. Morgan Stanley added that Accenture’s commentary could dampen hopes of a meaningful recovery in IT services growth in the September quarter, raising the risk that IT companies may cut their revenue growth guidance.

Why the market reaction was sharp despite supportive macros

The drop stood out because it followed a strong five-session advance driven by easing geopolitical tensions and lower crude prices, alongside improving domestic market fundamentals mentioned in one update. Friday’s trade showed how quickly a single sector can dominate index direction when the sector weight is large and sentiment is fragile. IT services are especially sensitive to global client budgets and forward commentary from bellwethers, which is why Accenture’s guidance and demand commentary mattered for Indian stocks. The early selling also reflected positioning after a multi-day rally, when investors tend to reduce risk at the first sign of negative global cues. With the Nifty falling below 24,000 early in the session, the move also had a psychological component, as highlighted in the update that referenced the 24,000 mark.

Key numbers at a glance

Conclusion: IT sentiment drives the day’s opening tone

Friday’s early decline in the Sensex and Nifty was led by a sharp selloff in IT shares after Accenture cut FY26 guidance and warned of continued weakness in demand visibility. The move ended a five-session run-up in benchmarks and pushed IT indices down between about 5% and over 6% in early trade, with heavy losses in Infosys, TCS, Tech Mahindra and HCLTech. Investors will continue to track management commentary from global tech bellwethers and ADR moves for signals on near-term sentiment in Indian IT. Broader market direction will also depend on whether supportive factors such as lower crude oil prices can offset sector-specific pressure as the session develops.