Accenture warning triggers IT rout
IT stocks came under heavy selling pressure on Friday after global consulting and technology services major Accenture on Thursday reported weaker-than-expected bookings growth and lowered the upper end of its revenue growth guidance, reinforcing concerns about a prolonged slowdown in discretionary technology spending.
The Nifty IT index fell 3.65%, making it the worst-performing sectoral index of the day. Infosys led losses among large-cap IT firms, declining 6.5%, while Tata Consultancy Services (TCS) dropped 3.06%, HCLTech fell 2.23%, and Wipro ended 1.28% lower. Among mid-caps, LTIMindtree lost 3.95%, Tech Mahindra fell 2.33%, and Mphasis declined 2.94%. Infosys, TCS and HCL Tech were also among the biggest drags on the Sensex.
