Indian Equity Market Snaps Five-Session Winning Streak Amid Profit-Taking and IT Sell-Off

India’s equity market snapped its five-session winning streak on Friday as investors rushed to book profits after the recent surge, which was supported by easing geopolitical tension in West Asia and falling crude oil prices. In the highly volatile session of Friday, triggered by FTSE and MSCI rebalancing activities and a sell-off across the IT pack, the benchmark NSE Nifty50 declined 0.64% to settle at 24,013, while the BSE counterpart Sensex fell 0.78% to close at 76,802.90. Despite the fall, the benchmarks registered healthy weekly gains, advancing in the range of 1.50-1.65% each. A brief halt in foreign institutional investor (FII) selling and strengthening of the rupee also supported the rally. IT stocks fell sharply on Friday, with the Nifty IT index plunging 6.5% after Accenture lowered its FY26 constant-currency revenue growth guidance to 3%-4% from 3%-5% earlier and issued a weaker-than-expected outlook, raising concerns over demand trends across the global technology sector. Infosys shares fell nearly 7% to close at Rs 1,054 on the NSE while TCS, HCL Tech and Tech Mahindra fell between 2 and 3%. “The improved geopolitical backdrop is expected to lend support to market sentiment heading into next week... A key development during the week was the signing of a 14-point MoU between the US and Iran. The agreement included the reopening of the Strait of Hormuz, removal of the naval blockade and restoration of commercial shipping, marking a significant step towards de-escalation following months of heightened tensions,” said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services.