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The Indian benchmark indices closed lower on Friday as the Sensex fell 607 points to settle at 76,802 and the Nifty declined more than 154 points to close trade at 24,013 at 3:30 PM.

Previously, during the early morning session, the Sensex shedding over 500 points to start trade at 76,852.86 and the Nifty fell more than 150 points to open at 23,991.20.

IT Stocks Under Pressure After Accenture Outlook Revision

Indian technology stocks faced pressure after global IT services major Accenture lowered its guidance, triggering a sell-off in Indian IT American Depositary Receipts (ADRs) and dampening sentiment across the domestic technology sector.

The weakness in ADRs added to concerns over the near-term outlook for IT stocks, leading to broad-based selling in the segment.

Market Experts Remain Constructive On Broader Outlook

Despite the pressure on technology shares, market experts maintained that the broader market outlook remains positive.

According to analysts, improving macroeconomic conditions and a sharp correction in crude oil prices continue to support sentiment and could provide a favourable backdrop for equities in the near term.

Banking Stocks Supported By FII Activity

Experts said short covering by foreign institutional investors (FIIs) has helped banking stocks recover in recent sessions.

They noted that the sector may have room for further gains, although intermittent bouts of profit booking cannot be ruled out.

Attractive Valuations May Support IT Shares

While Accenture's guidance cut is expected to weigh on Indian IT stocks in the immediate term, analysts believe attractive valuations could encourage investors to accumulate quality technology stocks at lower levels.

The sector remains under watch following the sharp reaction in overseas markets.

Oil Prices Fall After US-Iran Agreement

Crude oil prices extended their decline after the United States and Iran signed an interim peace agreement.

The agreement led to the resumption of tanker movement through the Strait of Hormuz, easing concerns over global energy supplies.

Brent crude, the global benchmark, fell more than 1 per cent to $78.83 per barrel. US West Texas Intermediate (WTI) crude also declined around 1 per cent to $75.78 per barrel.

Global Market Signals Mixed

Asian markets traded mixed, with most regional indices remaining under pressure.

Hong Kong's Hang Seng index declined nearly 1 per cent, while Japan's Nikkei and South Korea's KOSPI were largely unchanged.

In contrast, Wall Street ended higher overnight. The Nasdaq advanced nearly 2 per cent, while the S&P 500 gained around 1 per cent.