Accenture reported strong earnings for the first quarter of fiscal year 2025, with revenues increasing by 9% year-over-year to $17.7 billion, surpassing expectations by $600 million. The company also reported earnings per share of $3.59, beating estimates by $0.20. New bookings rose by 1% year-over-year to $18.7 billion, while generative AI bookings reached $1.2 billion, up from $1.0 billion in the previous quarter. Following the announcement, Accenture's shares surged by 7%. In contrast, the Indian stock market faced a significant downturn, with the BSE Sensex falling by 1,176 points to close at 78,041.59, and the Nifty 50 dropping by 364 points to finish at 23,587.50. This decline marked the worst weekly performance for the indices in over two years, largely attributed to a global sell-off influenced by the U.S. Federal Reserve's cautious stance on interest rates. The Nifty and Sensex recorded respective weekly losses of 4.98% and 4.76%. Despite the overall market decline, analysts expressed optimism for the Indian IT sector, citing Accenture's robust performance as a potential catalyst for recovery.