English हिन्दी
Connect with us

India News

IT stocks drag markets lower as Accenture outlook sparks selloff

A sharp selloff in IT stocks after Accenture’s weak outlook weighed on Indian markets, pushing Sensex and Nifty lower while major technology shares recorded significant losses.

Published

on

Indian equity benchmarks came under pressure on Friday as a sharp decline in information technology stocks erased a portion of the gains made during the recent market rally. Weak guidance from global technology services giant Accenture triggered concerns about demand trends in the IT sector, leading to broad-based selling across major Indian technology companies.

The benchmark Sensex and Nifty opened lower, while the Nifty IT index emerged as the worst-performing sectoral gauge of the day. Shares of major IT firms, including TCS, Infosys, Wipro and HCLTech, witnessed steep declines as investors reacted to concerns over slowing technology spending and limited visibility on future demand.

Accenture guidance rattles investor confidence

Market sentiment weakened after Accenture reported quarterly results and revised its revenue outlook, citing softer demand conditions. The development raised concerns about the broader global technology services industry, particularly for Indian IT companies that derive a significant portion of their revenue from overseas clients.

Analysts noted that Accenture’s cautious commentary added to existing worries about discretionary technology spending and delayed client decision-making. The company’s outlook is often viewed as an indicator of global demand trends for IT services.

Nifty IT sees sharp decline

The Nifty IT index dropped more than 5%, with all constituent stocks trading in negative territory. TCS, Infosys, Wipro and HCLTech were among the major laggards, falling between roughly 3% and 8% during trading.

The weakness in technology shares also weighed on broader market sentiment, ending the momentum seen in recent sessions. Investors turned cautious amid concerns about global growth, technology spending trends and earnings visibility for export-focused IT companies.

Broader market under pressure

Apart from the IT selloff, analysts pointed to profit-booking after the recent rally, weaker global cues and risk aversion among investors as additional factors behind the market decline. Mid-cap and small-cap indices also traded lower, reflecting broader weakness across sectors.

India News

Acharya Balkrishna acquitted in 15-year-old forged documents case

Acharya Balkrishna has been acquitted by a Dehradun CBI court in a 15-year-old case involving allegations of obtaining a passport using forged documents.

Published

on

Acharya Balkrishna, a close associate of Yoga Guru Ramdev and general secretary of Patanjali Yogpeeth, has been acquitted in a 15-year-old case involving allegations of obtaining a passport using forged educational and other documents.

The Special Judicial Magistrate (CBI) court in Dehradun also acquitted Naresh Chandra Dwivedi, who was accused of providing the alleged forged documents to Balkrishna.

The Central Bureau of Investigation (CBI) registered the case and began its investigation in 2011 following a complaint alleging that Balkrishna was a Nepali national who had obtained an Indian passport using forged documents.

The case involved allegations related to the procurement of a passport on the basis of forged educational and other documents. After a prolonged legal process, the court acquitted Balkrishna and Dwivedi.

The Special Judicial Magistrate (CBI) court in Dehradun acquitted both accused in the case.

Naresh Chandra Dwivedi was facing allegations of providing forged documents to Balkrishna. The court’s verdict brought the 15-year-old proceedings to an end with the acquittal of both accused.

Continue Reading

India News

Delhi buildings over 50 years old may face safety audits after Satya Niketan collapse

The Centre is considering regular safety audits of DDA buildings more than 50 years old following the deadly Satya Niketan collapse.

Published

on

Haryana CM Manohar Lal Khattar

The Centre is considering a plan to conduct safety audits of Delhi Development Authority (DDA) buildings that are more than 50 years old, Union Housing and Urban Affairs Minister Manohar Lal Khattar said on Monday.

The proposal comes a day after a five-storey building in Delhi’s Satya Niketan collapsed, killing seven people and trapping several others under the debris.

Khattar said the Ministry of Housing and Urban Affairs is examining the proposal for safety audits of older DDA buildings. Under the plan, such buildings could undergo audits at intervals of 10 years, five years and three years.

Safety audits proposed for older DDA buildings

According to the minister, the government is looking at a system under which DDA buildings crossing the 50-year mark would undergo periodic safety assessments.

The proposal is aimed at identifying structural safety concerns in ageing buildings and ensuring that necessary action can be taken.

Khattar also said the Municipal Corporation of Delhi should take action at its own level to prevent similar incidents.

“I am deeply saddened by the heart-wrenching incident that occurred yesterday at Satya Niketan in Delhi,” Khattar said.

Proposal follows Satya Niketan building collapse

The proposed safety audit plan comes after a five-storey building in Satya Niketan, near Delhi University’s South Campus, collapsed on Sunday.

The building collapsed during repair work, killing seven people. Twelve people were rescued during the operation, according to the report.

The incident has renewed concerns about the safety of ageing and vulnerable structures in the national capital.

Khattar’s proposal specifically concerns DDA buildings that are more than 50 years old, while the minister also called for action by the Municipal Corporation of Delhi to prevent such incidents.

Possible audit intervals under consideration

The ministry is considering safety audits at different intervals, including:

  • Every 10 years
  • Every five years
  • Every three years

The details of the proposed system, including how the audits would be implemented, are yet to be finalised.

The proposal comes amid heightened scrutiny of building safety in Delhi following the Satya Niketan collapse.

Continue Reading

India News

Nandigram bypoll on October 6 after Suvendu Adhikari vacates seat

The Election Commission has announced October 6 as the polling date for the Nandigram bypoll, with votes to be counted on October 9.

Published

on

Suvendu-Adhikari

The Election Commission has announced the schedule for the Nandigram bypoll in West Bengal, with voting set to take place on October 6. The counting of votes will be held on October 9.

The by-election has been necessitated by Chief Minister Suvendu Adhikari vacating the Nandigram Assembly seat after winning the constituency as well as Bhabanipur in the 2026 West Bengal Assembly elections. Adhikari decided to retain Bhabanipur and give up his Nandigram seat.

The Election Commission said the poll process will formally begin with the issue of the gazette notification on September 9.

Nandigram bypoll schedule

According to the election schedule, candidates can file their nominations until September 16. The nomination papers will be scrutinised on September 17, while September 19 will be the last date for withdrawal of candidature.

Polling in Nandigram will be conducted on October 6 and votes will be counted on October 9. The Election Commission has said the entire election process will be completed by October 11.

Why is a Nandigram bypoll being held?

The Nandigram Assembly seat fell vacant after Suvendu Adhikari resigned from the constituency.

Adhikari had contested the 2026 West Bengal Assembly elections from both Nandigram and Bhabanipur and won both seats. He subsequently chose to retain Bhabanipur and vacate Nandigram, making a by-election necessary for the constituency.

The Nandigram contest is also significant because Adhikari had defeated Trinamool Congress chief Mamata Banerjee from the constituency in the 2021 West Bengal Assembly election.

Rejinagar bypoll also scheduled

The Election Commission has also announced a by-election for the Rejinagar Assembly constituency in West Bengal. The Rejinagar seat became vacant after Aam Janata Unnayan Party founder Humayun Kabir gave it up.

Polling for Rejinagar will also be held on October 6, with counting scheduled for October 9.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com