Early trading saw market declines led by IT companies and unfavorable trends from Asian counterparts

Following two days of gains, benchmark equity indexes collapsed in early trading on Friday, led by IT companies, negative Asian market trends, and ongoing outflows of foreign funds.

To reach 72,227.83, the 30-share BSE Sensex fell 413.36 points. At 21,925.15, the NSE Nifty fell 86.8 points.

HCL Technologies, Wipro, Infosys, Tech Mahindra, Tata Consultancy Services, and Tata Motors were the biggest losers from the Sensex basket.

Early trading saw a 2.85% decline in the BSE IT index.

Among the winners were Sun Pharma, Titan, Bharti Airtel, and ITC.

The bad forecast from Accenture means that IT is likely to be under pressure, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Seoul, Shanghai, and Hong Kong were quoted less in Asian markets, although Tokyo was trading in positive territory.

On Thursday, Wall Street concluded the day higher.

In his pre-opening market statement, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., said that “IT stocks may see a slowdown following Accenture’s revised revenue forecast.”

According to exchange statistics, foreign institutional investors (FIIs) offloaded stocks on Thursday worth Rs 1,826.97 crore.

The benchmark for global oil, Brent crude, dropped 0.71% to USD 85.17 a barrel.

On Thursday, the BSE benchmark increased by 539.50 points, or 0.75 percent, to end the day at 72,641.19. To reach 22,011.95, the NSE Nifty increased by 172.85 points, or 0.79 percent.