Indian shares set to fall after recent rally; IT in focus after Accenture results

Indian shares are set to open lower on Friday, snapping a five-session winning streak, as renewed concerns over Middle East tensions and a weak read-through from ​Accenture’s earnings outlook weigh on sentiment.

GIFT Nifty futures were trading at 23,984 ‌as of 7:51 a.m. IST, indicating the Nifty 50 could open below Thursday’s close of 24,168.

The expected pullback follows a sharp rally in domestic equities, with the Nifty 50 and Sensex gaining ​4.3% and 4.8%, respectively, over the past five sessions.

The advance was driven largely ​by a slide in oil prices following an interim peace deal ⁠between Iran and the U.S., easing inflation and external-balance concerns for India, the world’s ​third-largest crude importer.

However, Brent crude rebounded partially toward $80 a barrel after briefly falling below $77, ​as comments from U.S. Vice President JD Vance warning Israel against further attacks on Iran-backed Hezbollah in Lebanon raised doubts over the durability of the ceasefire.

Broader global cues were mixed-to-supportive, with other Asian ​markets rising 0.5% and Wall Street ending higher overnight.

Still, analysts said some profit-taking was ​likely after the recent run-up, particularly at higher levels.

Foreign portfolio investors sold Indian shares worth 10.25 ‌billion ⁠rupees on Thursday, while domestic institutional investors bought equities worth 35.17 billion rupees.

IT stocks are likely to be in focus after global bellwether Accenture forecast quarterly revenue below Wall Street estimates and flagged a $400 million hit to its Middle East business from the ​Iran conflict in the ​third quarter, while ⁠warning of further impact in the fourth.

U.S.-listed shares of Infosys and Wipro fell 9.7% and 3.6%, respectively, indicating sector pressure at ​the open.