Sensex Tumbles 786 Points in Early Trade After Five-Day Rally as IT Stocks Drag

• Sensex fell 786.58 points to 76,624.90 and Nifty slipped 210.95 points to 23,959.80.

• Infosys, TCS, Tech Mahindra and HCL Tech were among the biggest losers, while NTPC, Bharti Airtel, Trent and Power Grid gained.

• The BSE IT index dropped 5.38% after Accenture cut its revenue growth guidance.

Stock market benchmark indices Sensex and Nifty tumbled in early trade on Friday after a five-day rally, dragged by heavy selling in IT firms following revenue growth guidance cut by Accenture.

The 30-share BSE Sensex tanked 786.58 points to 76,624.90 in early trade. The 50-share NSE Nifty declined 210.95 points to 23,959.80.

From the 30-Sensex firms, Infosys dived over 8%, Tata Consultancy Services tumbled 6%, Tech Mahindra traded 5% lower and HCL Tech declined 4.9%. HDFC Bank and Tata Steel were also among the laggards.

NTPC, Bharti Airtel, Trent and Power Grid were among the winners.

The BSE IT index dropped 5.38%.

"Guidance cut by Accenture has triggered sell-off in Indian IT majors’ ADRs (American Depositary Receipts)," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Brent crude, the global oil benchmark, traded 0.93% lower at $79.11 per barrel.

In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index quoted marginally higher.

US markets ended higher on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,025.20 crore on Thursday, according to exchange data.

Benchmark equity indices ended in positive territory on Thursday, rallying for the fifth straight session.

The Sensex climbed 254.36 points, or 0.33%, to settle at 77,409.98. The Nifty edged higher by 82.30 points, or 0.34%, to end at 24,168.