IT stocks experienced a significant decline in early trading on Friday following reports of tech giant Accenture revising its revenue guidance for fiscal year 2024. This news led to a sharp drop in shares of major IT companies on the Bombay Stock Exchange (BSE).

HCL Technologies witnessed a decline of 5.62%, while Wipro, LTIMindtree, and L&T Technology Services saw drops of 4.24%, 4.17%, and 4.13% respectively. Other prominent IT players such as Infosys, Tech Mahindra, and Tata Consultancy Services also experienced decreases of 3.70%, 3.57%, and 2.97% respectively. Consequently, the BSE IT index fell by 1.63%.

The overall market sentiment was adversely affected, leading to a downturn in benchmark equity indices. The 30-share BSE Sensex dropped by 413.36 points to 72,227.83, while the NSE Nifty declined by 86.8 points to 21,925.15.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, attributed the IT sector's pressure to Accenture's revised guidance, citing global uncertainty and reduced client spending on consulting services as key factors. Accenture now expects full-year revenue growth to be between 1-3%, down from the earlier projection of 2-5%.

The impact extended to Infosys and Wipro's ADR shares in the US market, reflecting investor concerns over the weaker outlook signaled by Accenture's announcement. Analysts like Vikas Jain from Reliance Securities noted the ripple effects of Accenture's guidance revision across the IT industry, contributing to the bearish trend observed in IT stocks during the trading session.

IT stocks experienced a significant decline in early trading on Friday following reports of tech giant Accenture revising its revenue guidance for fiscal year 2024. This news led to a sharp drop in shares of major IT companies on the Bombay Stock Exchange (BSE).

HCL Technologies witnessed a decline of 5.62%, while Wipro, LTIMindtree, and L&T Technology Services saw drops of 4.24%, 4.17%, and 4.13% respectively. Other prominent IT players such as Infosys, Tech Mahindra, and Tata Consultancy Services also experienced decreases of 3.70%, 3.57%, and 2.97% respectively. Consequently, the BSE IT index fell by 1.63%.

The overall market sentiment was adversely affected, leading to a downturn in benchmark equity indices. The 30-share BSE Sensex dropped by 413.36 points to 72,227.83, while the NSE Nifty declined by 86.8 points to 21,925.15.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, attributed the IT sector's pressure to Accenture's revised guidance, citing global uncertainty and reduced client spending on consulting services as key factors. Accenture now expects full-year revenue growth to be between 1-3%, down from the earlier projection of 2-5%.

The impact extended to Infosys and Wipro's ADR shares in the US market, reflecting investor concerns over the weaker outlook signaled by Accenture's announcement. Analysts like Vikas Jain from Reliance Securities noted the ripple effects of Accenture's guidance revision across the IT industry, contributing to the bearish trend observed in IT stocks during the trading session.