Indian equities witnessed sharp profit-booking on Friday, snapping a five-session winning streak as a heavy selloff in information technology stocks rattled investor sentiment. Weak global cues, renewed foreign investor selling and fresh uncertainty over the Middle East peace process added to the pressure, dragging benchmark indices lower despite resilience in midcap and smallcap shares.
The benchmark Sensex closed 607 points, or 0.78 percent, lower at 76,802.90, while the Nifty 50 fell 154.90 points, or 0.64 percent, to settle at 24,013.10.
During intraday trade, the Sensex plunged more than 900 points and the Nifty slipped below 23,950 before recovering part of the losses by the close.
Sensex down 607 points to 76,802.90
Nifty falls 154.90 points to 24,013.10
Nifty IT index drops over 3.6 percent
Midcap and smallcap indices end in positive territory
Infosys, TCS, HCLTech and Tech Mahindra among top losers
The biggest drag on the market came from information technology shares after global consulting giant Accenture lowered its revenue growth outlook for FY27.
The company projected annual revenue growth of 3-4 percent, compared with its earlier estimate of 3-5 percent, while its quarterly revenue guidance also fell short of market expectations.
The development revived concerns that global clients, particularly in the US, may continue to delay discretionary spending on technology consulting and digital transformation projects.
As a result:
Infosys fell up to 6.5 percent
HCLTech, Tech Mahindra and TCS declined sharply
Nifty IT emerged as the worst-performing sector
Foreign institutional investors (FIIs) turned net sellers after three consecutive sessions of buying.
According to provisional exchange data:
FIIs sold shares worth ₹1,025 crore on Thursday
Foreign portfolio investors have withdrawn about ₹2.87 lakh-crore from Indian equities so far in 2026
FIIs had already pulled out more than ₹62,800 crore during the first half of June
Market experts, however, noted that strong domestic institutional buying continues to cushion the impact of foreign outflows.
Asian markets also traded under pressure:
South Korea's Kospi declined nearly 2 percent
Hong Kong's Hang Seng dropped about 2 percent
Japanese markets remained subdued
Dow Jones futures pointed to a weak opening on Wall Street
Investor caution increased after planned talks between US and Iranian negotiators were postponed.
US Vice-President JD Vance deferred his proposed visit to Geneva, while continued Israeli military operations against Hezbollah in Lebanon raised concerns over the durability of the recently announced US-Iran peace agreement.
Despite Friday's correction, analysts believe the broader market structure remains constructive.
Key levels to watch:
Immediate support: 24,000
Next support: 23,950-23,850
Resistance zone: 24,250-24,400
Analysts say a decisive move above 24,400 could trigger fresh buying momentum, while the preferred strategy continues to be buying on dips as long as the Nifty remains above the 24,000 mark.
Top gainers
Eternal
Bharti Airtel
Power Grid
Trent
Major losers
Infosys
HCLTech
Tech Mahindra
TCS
HDFC Bank
Reliance Industries
While large-cap stocks came under pressure, the broader market displayed resilience, with the Nifty Midcap 100 rising 0.22 percent and the Nifty Smallcap 100 gaining 0.42 percent, indicating that investors continue to favour domestic growth themes despite near-term volatility in frontline stocks.
