Accenture's Miss Leads to Nifty IT's Over 3% Drop, Sector-wide Decline

Accenture's shares slid 5% in pre-market trading and further dropped 8% due to its low-quality EPS beat and a guidance cut. This event triggered a broader sell-off in the IT sector, with major Indian IT stocks such as TCS, Infosys, Wipro, HCL Tech, and others experiencing declines up to 6%. The Nifty IT index fell over 3%, marking the biggest single-weekly decline in over a year. The sector's downturn was attributed to Accenture's weak Q2FY24 results and a pessimistic outlook from Nomura on several leading IT firms.