Indian IT stocks witnessed a sharp selloff on Friday morning after global consulting and technology giant Accenture issued a cautious outlook, triggering fears that demand across the technology services sector remains weaker than expected.
Indian equity markets opened sharply lower on Friday, ending a five-session winning streak as heavy selling in information technology stocks weighed on investor sentiment. The decline followed a cautious business outlook from global technology giant Accenture, which sparked concerns about demand trends and discretionary spending in the IT sector.
