Mumbai: Stock market benchmark indices ended lower Friday after a five-day rally, with the Sensex dropping 607 points and the Nifty falling to the 24,013.10 level, dragged by heavy selling in IT firms after global tech giant Accenture trimmed its full-year revenue growth guidance and renewed geopolitical uncertainty.
The 30-share BSE Sensex dropped 607.08 points, or 0.78 per cent, to settle at 76,802.90. During the day, it tanked 940.26 points, or 1.21 per cent, to 76,469.72.
The 50-share NSE Nifty declined 154.90 points, or 0.64 per cent, to end at 24,013.10.
The Sensex had jumped 3,577.43 points, or 4.84 per cent, in the last five trading sessions, and the Nifty climbed 1,006.4 points, or 4.34 per cent.
From the 30-firm Sensex, Infosys dived 6.69 per cent, Tata Consultancy Services dropped 3.53 per cent, HCL Tech declined 2.74 per cent, and Tech Mahindra ended 2.45 per cent lower. HDFC Bank, Mahindra & Mahindra, Reliance Industries, and Hindustan Unilever were also among the laggards.
However, Eternal, Bharti Airtel, Power Grid and NTPC were among the winners.
The BSE IT index dropped 3.57 per cent.
US Vice President J D Vance has put off his visit to Switzerland for talks with Iranian negotiators, with the White House citing logistical issues.
The negotiations, aimed at working out the technical aspects of the Memorandum of Understanding (MoU) signed between the US and Iran, were scheduled to take place in Switzerland on Friday.
“Indian equity markets retreated after five consecutive sessions of gains, as investors booked profits amid renewed geopolitical uncertainty and sharp selling in IT stocks. Sentiment weakened following Accenture’s cautious earnings outlook, while the postponement of scheduled US–Iran negotiations undermined expectations of a smooth progression in the broader peace process,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The board of Jio Platforms Ltd, the digital and telecommunications arm of Reliance Industries, approved filing draft papers for an initial public offering involving a fresh issue of up to 27 crore equity shares, RIL said on Friday.
Addressing the 49th annual shareholder meeting of Reliance, chairman and managing director Mukesh Ambani said the draft red herring prospectus (DRHP), approved by the board of Jio Platforms, will be filed with the Securities and Exchange Board of India (SEBI) on Friday.
Brent crude, the global oil benchmark, dipped 0.58 per cent to USD 79.39 per barrel.
In Asian markets, South Korea’s Kospi ended marginally lower, while Japan’s Nikkei 225 index settled higher. Equity markets in Shanghai and Hong Kong were closed due to holidays.
European markets were trading mostly higher. US markets ended higher on Thursday.
Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,025.20 crore on Thursday, according to exchange data.
Benchmark equity indices ended in positive territory on Thursday, rallying for the fifth straight session.
The Sensex climbed 254.36 points, or 0.33 per cent, to settle at 77,409.98. The Nifty edged higher by 82.30 points, or 0.34 per cent, to end at 24,168.
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