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.

Prime Minister Narendra Modi on Friday extended birthday greetings to Congress leader and Leader of the Opposition in the Lok Sabha, Rahul Gandhi, on the occasion of his 56th birthday.

In a post on X, PM Modi conveyed his wishes for Rahul Gandhi’s well-being and longevity. He described the Congress MP as the Leader of the Opposition in the Lok Sabha and prayed for his good health and a long life.

Rahul Gandhi, one of the senior-most leaders of the Congress party, celebrated his 56th birthday on June 19. He currently serves as the Leader of the Opposition in the Lok Sabha.

The Prime Minister’s message was noted as a gesture of courtesy between leaders from rival political parties, who frequently engage in sharp political debates on national issues.

Union Home Minister Amit Shah held talks with US Ambassador to India Sergio Gor in New Delhi on Thursday, with both sides discussing ways to strengthen cooperation on security-related issues, including counter-terrorism, counter-narcotics efforts and border security. The meeting came a day after Prime Minister Narendra Modi and US President Donald Trump met on the sidelines of the G7 Summit in France.

According to statements shared by both leaders after the meeting, discussions focused on enhancing collaboration to combat terrorism, curb narcotics trafficking, strengthen border management and improve efforts to bring criminals to justice in both countries.

Shah said the two sides had a detailed discussion on expanding India-US cooperation in the security domain, particularly in counter-terrorism and counter-narcotics initiatives. He also reiterated India’s commitment to advancing the India-US Comprehensive Global Strategic Partnership under the leadership of Prime Minister Modi.

Meeting follows high-level engagement at G7 summit

The interaction took place shortly after the Modi-Trump bilateral meeting during the G7 Summit in France, where the leaders discussed trade, regional security, economic cooperation and other strategic issues. They also reviewed progress in various areas of bilateral cooperation.

Following his return from France, Gor described the Modi-Trump engagement as productive and highlighted positive outcomes for India-US relations. He said the two leaders held substantive discussions on trade, regional security and strengthening economic ties.

The latest meeting between Shah and Gor underscores continued high-level engagement between New Delhi and Washington on security and strategic matters as both countries seek to deepen cooperation across multiple sectors.