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.

A shooting in New York City’s Times Square caused panic among hundreds of people on Thursday after gunfire erupted in the crowded entertainment and tourist district. Authorities said one person was injured in the incident, while police quickly detained a suspect and began an investigation.

Videos shared on social media showed people running through the streets and seeking cover as the sound of gunshots echoed through the area. The incident unfolded in one of Manhattan’s busiest locations, which is usually packed with tourists, office workers and commuters.

According to officials, emergency responders reached the scene shortly after the shooting was reported. The injured person was taken to a nearby hospital for treatment. Authorities have not immediately released details about the victim’s condition.

Police officers already deployed in the area moved swiftly to secure the location and apprehend a suspect. Investigators are examining the circumstances that led to the shooting and are working to determine whether any other individuals were involved.

Initial reports suggested that the gunfire may have followed an altercation, though officials have not confirmed a motive. The investigation remains ongoing, and authorities are reviewing evidence and witness accounts from the scene.

The shooting drew attention because of its location in Times Square, one of New York City’s most visited landmarks. Despite the brief period of chaos, law enforcement officers were able to restore order and secure the area.

Officials have urged anyone with information about the incident to come forward as investigators continue to piece together the events that led to the shooting.