FX.co ★ Sensex, Nifty Recover After Early Setback; IT Stocks Down Sharply

Indian stocks got off to a shaky start on Friday, particularly within the tech industry, following Accenture's decision to lower its full-year revenue forecast. However, shares from various other sectors provided a much-needed boost, enabling the market to rally.

The BSE Sensex, India's benchmark stock index, initially fell by nearly 470 points to 72,172.09 but managed to regain some of its losses, standing at 72,579.97 as of the close. This figure represents a marginal drop of 61.22 points, or 0.08%, from the previous closing.

The National Stock Exchange's Nifty50 index was also affected, but to a lesser extent. The index dipped by only 15.05 points, indicating a 0.07% fall, and was sitting at 21,996.90. This value demonstrates a substantial recovery from its early low of 21,883.30.

Despite the turbulence on Friday, the market rebounded considerably on Thursday, with the Sensex surging by 539.50 points or 0.75%. The Nifty index also saw positive growth, gaining 172.85 points or 0.79%.

The Nifty IT index was notably impacted, dropping by 2.7% due to significant losses in key tech players such as HCL Technologies (down 4.7%), Wipro, Infosys, Tata Consultancy Services, and Tech Mahindra (each down 2 to 3%). Other tech firms like MindTree, Mphasis, and L&T Technology Services experienced similarly steep declines.

However, a variety of companies are faring better, with BPCL, Apollo Hospitals Enterprises, Cipla, Sun Pharmaceutical Industries, ITC, and Bajaj Auto seeing gains of 1 to 2%.

Other moderately performing industries included UPL, Axis Bank, Titan Industries, ICICI Bank, Power Grid Corporation, Hindalco, Larsen & Toubro, Bharti Airtel, and Bajaj Finance.

Overall, market sentiment was upbeat. On the BSE, 2,062 stocks were on the rise, 989 decreasing, and 112 stagnant.