India’s BSE Sensex closed about 1.3% lower at 76,664 on Friday, extending losses for a third consecutive session. The market was weighed down by higher crude oil prices amid the Middle East standoff, persistent foreign investor outflows, and weakness in IT counters.
Selling pressure was broad-based across sectors but most pronounced in information technology. The IT index slumped over 5%, led by steep declines in Infosys (-7.1%) and HCLTech (-5.8%), as both companies issued cautious revenue growth guidance despite reporting robust fourth-quarter earnings. Tata Consultancy Services (-4.8%) posted its first annual revenue decline in more than two decades, further dampening sentiment.
Pharma and FMCG stocks also came under increased pressure. Meanwhile, JP Morgan downgraded Indian equities to “neutral” from “overweight,” citing elevated valuations and potential earnings headwinds stemming from energy price shocks following the Iran conflict. For the week, the Sensex fell 2.3%.
