Mumbai, June 19: Indian equity markets ended lower on Friday, weighed down by a sharp decline in information technology (IT) stocks after global consulting and technology major Accenture issued a subdued sales and revenue outlook.
The benchmark Nifty 50 closed at 24,013.10, down 155 points or 0.64 per cent, while the BSE Sensex fell 608 points, or 0.78 per cent, to settle at 76,802.90.
The sell-off was led by technology stocks, with Infosys emerging as the top loser on both indices. Other major laggards included Tata Consultancy Services (TCS), HCL Technologies, Tech Mahindra and Mahindra & Mahindra.
Market experts noted that the Nifty continues to face resistance in the 24,100–24,200 range.
According to analysts, a sustained breakout above this zone could strengthen bullish momentum and open the path towards the 24,400 level, which remains the next key resistance area.
On the downside, the 23,900 mark is seen as an important support level. Analysts said maintaining levels above this zone will be crucial to preserve the market’s recovery trend and positive sentiment.
Despite weakness in the benchmark indices, broader markets outperformed. The Nifty MidCap index gained 0.22 per cent, while the Nifty SmallCap index rose 0.42 per cent, indicating continued investor interest in mid-sized and smaller companies.
Among sectoral indices, the Nifty IT index recorded the sharpest decline. Realty, auto and oil & gas stocks also underperformed during the session. In contrast, the Nifty Pharma index emerged as the top-performing sector.
Market participants are expected to closely track foreign institutional investor (FII) flows, the progress of the monsoon, global crude oil prices and corporate developments for further market direction.
Analysts said particular attention will be on the annual general meeting (AGM) of Reliance Industries, where management commentary could provide important cues for investors.
Meanwhile, the Indian rupee strengthened marginally against the US dollar, gaining around 7 paise to trade near 94.31. The domestic currency was supported by easing crude oil prices, which helped improve market sentiment.
Technical analysts expect the rupee to trade in a range of 93.90 to 94.65 in the near term. The prevailing positive trend could potentially push the currency towards the 94.00 level if supportive factors remain in place.
Overall, markets remained under pressure due to weakness in the IT sector, though resilience in broader markets and gains in pharmaceutical stocks helped limit losses.
