Indian markets likely to open lower; Accenture shock weighs on IT stocks

Indian equities are likely to open lower on Friday, with IT shares expected to stay under pressure, even as global markets rallied on optimism around the interim US–Iran peace accord and easing crude prices, according to Nandish Shah, Deputy Vice President, HDFC Securities.

Overnight, Wall Street ended higher, led by technology and semiconductor stocks, after Washington and Tehran signed an initial agreement to halt hostilities and reopen the Strait of Hormuz for at least 60 days while talks continue on a broader deal. But the sharp sell-off in global IT services names following Accenture’s weak outlook is set to dominate sentiment for Indian markets at the open.

IT overhang to drag Indian equities at the open

Accenture lowered its full-year revenue growth guidance to 3–4% in local currency from 3–5% earlier, citing cautious discretionary tech spending despite ongoing interest in AI-related projects. The downgrade triggered a brutal reaction in IT services stocks:

* Accenture crashed about 17–18%, one of its steepest single-day falls on record.

* Cognizant dropped around 11%, while Capgemini slid nearly 9%.

Indian ADRs were hit as well:

* Infosys ADRs fell close to 10%.

* Wipro ADRs declined about 3.6%.

Shah expects the negative read-through from Accenture to weigh directly on Indian IT majors at today’s open, likely dragging the index lower in early trade even as broader global cues remain supportive.

Global backdrop positive, but not enough to offset IT drag

US stocks rose on Thursday, helped by the de-escalation signal from the US–Iran interim accord and strength in semiconductors:

* The S&P 500 gained 1.1% to 7,497.86.

* The Nasdaq Composite jumped 1.9% to 26,517.93, supported by tech and AI-linked names.

* The Dow Jones Industrial Average inched up 0.1% to 51,565.26.

US cash markets will remain shut on Friday for the Juneteenth holiday, limiting further immediate cues from Wall Street.

Semiconductor shares were the standout performers after US President Donald Trump said Intel would partner with Apple to design and manufacture chips in the US -- a major boost for Intel’s foundry story.

* Intel surged 10.6%.

* Nvidia rose about 3%, and Micron Technology nearly 9%.

* The SOXX ETF, which tracks major chipmakers, rallied more than 6%.

In Asia, risk sentiment is largely positive:

* Japan’s Nikkei 225 hit fresh record highs, rising around 3%.

* South Korea’s Kospi advanced roughly 0.6%.

Mainland Chinese and Hong Kong markets remain closed for the Dragon Boat Festival.

This supportive backdrop, however, is likely to be overshadowed for Indian traders by sector-specific worries around IT earnings visibility, at least in the opening tick.

Crude cools, rupee strengthens – macro cushion for India

The interim US–Iran deal has also eased concerns over global oil supply, sending crude prices to their lowest since the conflict escalated, before a modest rebound on renewed worries about Israel–Hezbollah tensions.

In early Asian trade:

* WTI July futures hovered near $76.50 a barrel.

* Brent crude traded around $79.50 a barrel.

Lower crude is a clear macro positive for India, helping the current account and inflation outlook. This has already been reflected in currency moves: the Indian rupee has emerged as the best-performing Asian currency, appreciating by 20 paise to 94.33, its strongest level since 8 May 2026, aided by renewed capital inflows and softer oil prices.

These macro tailwinds provide a cushion beneath the market, but are unlikely to prevent a weak start given the IT overhang.

Domestic technical picture remains constructive

Despite the expected soft open, the underlying trend in Indian equities remains constructive. On Thursday, the Nifty 50 extended its rally for the fifth consecutive session, rising 82 points to close at 24,168. Broader markets have also risen for five sessions in a row, signalling broad participation.

From a technical perspective, Shah highlights two key developments:

* Nifty has closed above the 100-day exponential moving average (DEMA) at 24,153 for the first time since the West Asia conflict escalated in February 2026, marking a meaningful shift in the positional trend.

* This breakout reinforces the bullish undertone, with the index now poised to move towards the 200 DEMA, placed near 24,462.

On the support side:

* Immediate support lies in the 23,800–24,000 band.

* Shah expects any corrective dip towards this zone—even if triggered by IT-led weakness—to attract buying interest, provided the index sustains above these levels.

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Near-term trade setup: weak start, buy-the-dip bias outside IT

Putting it together, HDFC Securities sees Indian markets opening lower on Friday, primarily due to global IT sector stress post Accenture’s guidance cut, with frontline IT stocks likely to weigh on the Nifty and Sensex at the open.

However, with a firm global risk backdrop after the US–Iran interim peace accord, cooling crude prices, a strong rupee, and a technically positive setup on the Nifty, the broader medium-term bias remains upward.

For traders, the immediate focus will be on how deep any IT-led correction runs and whether buying emerges in banks, domestic cyclicals and non-IT sectors as the index approaches the 23,800–24,000 support zone.