Why market is down today: Sensex, Nifty tank on weak IT outlook; Infosys, TCS drag
The BSE Sensex was trading at 76,734.79, down 675.19 points or 0.87 per cent. Nifty stood at 24,001.75, down 166.25 points or 0.69 per cent. With this, benchmarks Sensex and Nifty snapped a five-day winning run.
- Jun 19, 2026,
- Updated Jun 19, 2026 10:29 AM IST
Just four stocks namely Infosys Ltd, Tata Consultancy Services Ltd (TCS), Tech Mahindra Ltd and HCL Technologies Ltd (HCL) alone contributed negatively to two-third of Sensex losses today, as Accenture's latest FY26 guidance suggested worst may not be over for Indian IT firms and weak results are on the cards in the June quarter.
At 10.16 am, the BSE Sensex was trading at 76,734.79, down 675.19 points or 0.87 per cent. Nifty stood at 24,001.75, down 166.25 points or 0.69 per cent. With this, benchmarks Sensex and Nifty snapped a five-day winning run.
"A sustained breach below 24,050 may lead to profit booking towards 23,950, with the next support placed around 23,850. Overall, the strategy remains to buy on dips while the index holds above 24,000, as the medium-term bullish structure continues to remain intact," said Rajesh Palviya, Head of Research, Axis Direct.
Infosys led the Sensex fall, declining 7.50 per cent to Rs 1,042.70. It was followed by TCS, Tech Mahindra Ltd and HCL Technologies Ltd, which fell 5.8 per cent, 4.41 per cent and 4.4 per cent, respectively.
“The current sell-off in Indian IT stocks is a direct reflex reaction to global tech giant, Accenture trimming its full-year revenue outlook. By nudging its constant-currency revenue growth guidance down to 3–4 per cent (from 3–5 per cent), and its core commercial guidance down to 4–5 per cent (from 4–6 per cent), Accenture has effectively confirmed that clients remain highly cautious with their wallets," said Shashwat Singh, Fundamental Analyst- Bajaj Broking. Singh said Indian IT firms rely heavily on the same global pipeline for discretionary tech projects and this shift in Accenture's forecast serves as a macroscopic warning for the entire sector, prompting selloff.
Meanwhile, HDFC Bank also declined 2.06 per cent to Rs 782.10, even as the Reserve Bank of India (RBI) granted approval for the extension of tenure of Keki Mistry as an interim Part-time Chairman for a further period of three months until September 18, 2026 or till appointment of a regular Part-time Chairman, whichever is earlier.
Just four stocks namely Infosys Ltd, Tata Consultancy Services Ltd (TCS), Tech Mahindra Ltd and HCL Technologies Ltd (HCL) alone contributed negatively to two-third of Sensex losses today, as Accenture's latest FY26 guidance suggested worst may not be over for Indian IT firms and weak results are on the cards in the June quarter.
At 10.16 am, the BSE Sensex was trading at 76,734.79, down 675.19 points or 0.87 per cent. Nifty stood at 24,001.75, down 166.25 points or 0.69 per cent. With this, benchmarks Sensex and Nifty snapped a five-day winning run.
"A sustained breach below 24,050 may lead to profit booking towards 23,950, with the next support placed around 23,850. Overall, the strategy remains to buy on dips while the index holds above 24,000, as the medium-term bullish structure continues to remain intact," said Rajesh Palviya, Head of Research, Axis Direct.
Infosys led the Sensex fall, declining 7.50 per cent to Rs 1,042.70. It was followed by TCS, Tech Mahindra Ltd and HCL Technologies Ltd, which fell 5.8 per cent, 4.41 per cent and 4.4 per cent, respectively.
“The current sell-off in Indian IT stocks is a direct reflex reaction to global tech giant, Accenture trimming its full-year revenue outlook. By nudging its constant-currency revenue growth guidance down to 3–4 per cent (from 3–5 per cent), and its core commercial guidance down to 4–5 per cent (from 4–6 per cent), Accenture has effectively confirmed that clients remain highly cautious with their wallets," said Shashwat Singh, Fundamental Analyst- Bajaj Broking. Singh said Indian IT firms rely heavily on the same global pipeline for discretionary tech projects and this shift in Accenture's forecast serves as a macroscopic warning for the entire sector, prompting selloff.
Meanwhile, HDFC Bank also declined 2.06 per cent to Rs 782.10, even as the Reserve Bank of India (RBI) granted approval for the extension of tenure of Keki Mistry as an interim Part-time Chairman for a further period of three months until September 18, 2026 or till appointment of a regular Part-time Chairman, whichever is earlier.