Both Indian indices closed lower on Friday as IT shares fell sharply due to disappointing sales and outlook from Accenture. The Nifty index ended at 24,013.10, down 155 points, while the Sensex dropped 608 points to 76,802.90. Analysts highlighted the 24,100–24,200 range as a crucial resistance zone for the Nifty.
Infosys, TCS, Tech Mahindra, HCl Tech, and Mahindra and Mahindra were among the top losers in the Nifty index. The broader markets, however, saw gains with Nifty MidCap and Nifty SmallCap indices closing higher. Nifty IT sector witnessed the most significant decline, while Nifty Pharma showed the most growth.
Investors are keeping an eye on factors like FII flows, monsoon progress, crude oil prices, and corporate updates, especially from Reliance Industries’ AGM, for market direction. The Rupee traded slightly stronger at around 94.31 against the dollar, supported by lower crude oil prices. Analysts expect the rupee to trade within a range of 93.90–94.65 in the near term.
