Indian shares snap 5-session rally on IT drag; log weekly gains on oil slide

Indian shares snapped a five-day rally on Friday on Accenture-led IT weakness, while heavyweights HDFC Bank and Reliance Industries also fell.

The IT index dropped 3.7% to a three-year low, taking the wheels off the benchmarks’ rallies so far supported by lower oil prices after a U.S.-Iran deal, and India’s moves to stabilise the rupee and curb foreign outflows.

The Nifty 50 fell 0.64% to 24,013.1, while the BSE Sensex shed 0.78% to 76,802.90, after gaining 4.3% and 4.8%, respectively, over the previous five sessions.

“Accenture has effectively confirmed that clients remain highly cautious with their wallets,” said Shashwat Singh, fundamental analyst at Bajaj Broking.

“Because Indian IT firms rely heavily on the same global pipeline for discretionary tech projects, Accenture’s forecast is a warning for the entire sector.”

Reliance lost 1.4% as investors booked profits after its board approved plans to raise funds via a Mumbai listing of Reliance Jio Platforms, two traders who did not wish to be identified said, following a pre-AGM run-up on expectations of major announcements. The stock rose 1.3% this week.

HDFC fell 2.4% on Friday, with markets assessing the bank’s leadership update after the central bank approved a three-month extension for interim chairman Keki Mistry, or until a permanent chairman is appointed.

For the week, both the benchmarks gained about 1.7% each. Fifteen of the 16 major sectors advanced. Small-caps and mid-caps rose 3.2% and 2.9%,

respectively.

After a nearly 1,000-point rally over five sessions, caution is warranted, said Rupak De, senior technical analyst at LKP Securities.

“Near-term consolidation looks likely before the next directional move, and the Nifty may trade in a 23,800–24,200 range over the next few sessions.”

Consumer durables climbed 6.4%, driven by Trent after brokerages reiterated positive views on its earnings outlook.

Tata Motors fell 7.82% after subsidiary JLR’s fiscal 2027 guidance disappointed investors.