There was an outcry in the stock market! Sensex falls by more than 780 points, huge shock to investors due to heavy selling in IT shares

Mumbai The beginning of Friday in the Indian stock market was very disappointing. After the continuous rise in the last five trading sessions, strong selling was seen in the market today, due to which both Sensex and Nifty were seen trading with a big fall in the early trade. The maximum pressure was seen on the shares of IT sector, which stopped the momentum of the entire market.

Market boom in early trade-
Investors got a big shock as soon as the market opened on Friday morning. BSE’s 30-share Sensex fell 786.58 points to 76,624.90 in early trade. Whereas NSE’s Nifty slipped by 210.95 points and was seen trading at the level of 23,959.80. This fall, which came after five consecutive days of rise, has increased the concern of investors.

IT sector became the biggest reason for decline-
The biggest reason behind this weakness in the market was the heavy selling in IT companies. Pressure on the IT sector increased after Accenture reduced its revenue growth estimates.

A big fall was recorded in the shares of major IT companies—

Infosys shares fell more than 8%.
TCS fell by about 6%.
Tech Mahindra shares fell by 5%.
HCL Tech recorded a weakness of about 4.9%.

Apart from this, big stocks like HDFC Bank and Tata Steel were also seen trading in the red. A huge fall of 5.38% was recorded in the BSE IT index.

Rupee showed strength-
While there was huge pressure in the stock market, there was relief news from the foreign exchange market. The Indian rupee strengthened by 10 paise to 94.30 against the US dollar. Strong rupee is being considered a positive sign for investors.

Will the market return soon?
Analysts believe that despite the current decline, the long-term picture of the Indian market still remains positive. Expectations of a possible agreement between the US and Iran have shown signs of easing geopolitical tensions globally. Also, soft crude oil prices and stable rupee can further support the market.

According to VK Vijayakumar, Chief Investment Strategist, Geojit Investments, after the weak outlook of Accenture, selling in ADRs of Indian IT companies started, the effect of which was also visible in the domestic market.

Pressure in global markets too-
There is an atmosphere of weakness in the international markets also. US S&P 500 futures and Japan’s Topix index declined. The markets of Europe and Australia also remained under pressure. However, South Korea’s Kospi and Japan’s Nikkei were seen trading with slight gains.

Meanwhile, global oil benchmark Brent crude fell by about 0.93 percent to $ 79.11 per barrel, which is considered a positive sign for an oil importing country like India.

What is the message for investors?
At present, selling in IT stocks and weakness in global markets has increased pressure on the domestic market. However, a strong rupee, softening crude oil prices and possible global peace agreements may support the market in the coming days. Experts believe that despite short-term fluctuations, the long-term growth story of the Indian market remains strong.