News Overview

Indian IT stocks witnessed heavy selling pressure after Accenture trimmed its FY27 revenue growth forecast, triggering concerns over global technology spending. Nifty IT plunged more than 6%, while Infosys, TCS, HCL Tech, Tech Mahindra, LTIMindtree, Persistent Systems, and Mphasis fell sharply. Despite strong quarterly results, Accenture's subdued outlook and concerns around discretionary IT spending weighed heavily on investor sentiment.

Vedanta Group's newly listed demerged entities bucked the broader market weakness, with Vedanta Iron and Steel emerging as the biggest winner after gaining 28% in just five sessions. The rally reflects growing investor confidence in the value-unlocking potential of Vedanta's landmark demerger, as the market begins assigning independent valuations to its aluminium, iron and steel, power, and oil and gas businesses.

Paras Defence and Space Technologies shares rallied more than 7% to a fresh 52-week high, significantly outperforming the broader market. The surge comes amid record Indian defence production of ₹1.78 lakh crore, growing optimism around a proposed ₹30,000 crore drone procurement programme, and strong technical indicators pointing to continued momentum. While defence sector tailwinds remain supportive, investors are also watching for signs of consolidation after the stock's stellar rally of more than 100% in 2026.

Indian IT stocks tumbled up to 8% after Accenture cut the upper end of its FY26 revenue growth guidance, signaling continued caution in enterprise technology spending. While AI, cloud, and cybersecurity investments remain strong, weakness in discretionary spending, slower deal conversions, and pressure on managed services bookings have raised concerns about near-term growth for Indian IT companies such as Infosys, TCS, Wipro, HCLTech, Tech Mahindra, LTIMindtree, and Persistent Systems.

Asian markets witnessed varied performance amid optimism surrounding easing geopolitical tensions, resilient economic data, and strength in technology stocks. Japan’s Nikkei extended its record-breaking rally, while investors monitored global trade developments, central bank commentary, and sector-specific opportunities across the region.

RR Kabel shares surged to a new 52-week high of ₹2,365 as investors cheered strong earnings growth, improving margins, robust demand in the cables and wires segment, and positive brokerage commentary. The stock has significantly outperformed broader market indices over the past year.

Indian benchmark indices ended higher for the fifth consecutive session as lower crude oil prices, easing geopolitical tensions, and optimism surrounding the India-UK Free Trade Agreement supported investor sentiment. Banking, realty, cement, and pharma stocks drove the rally, while IT stocks remained under pressure following hawkish US Federal Reserve commentary.

Textile and apparel export stocks rallied strongly after India and the UK confirmed the implementation of their free trade agreement, boosting sentiment across Welspun Living, Indo Count Industries, KPR Mill, and other exporters.

Nykaa stock jumped 8% after the company announced its FY30 roadmap targeting a $5 billion business, strong revenue growth, expanding wellness focus, and improving profitability.

Indian IT stocks declined sharply after the US Federal Reserve signaled potential future rate hikes, triggering a global tech sell-off and dragging the Nifty IT index down 1.8%.