Accenture Guidance Triggers Heavy Sell-off in Indian IT Stocks
On Friday, June 19, 2026, the Indian stock market snapped its five-day winning streak as the Nifty IT index plunged by over 6%, dragging the BSE Sensex down by 600 points to close at 76,802.90. The dramatic sell-off was triggered by a weaker-than-expected revenue guidance update from global IT consulting giant Accenture. Accenture lowered its FY26 revenue growth forecast from 3-5% down to 3-4%, citing ongoing geopolitical conflicts in West Asia and a major slowdown in discretionary tech spending. Major Indian IT companies bore the brunt of the panic, with Infosys dropping 8-9%, and TCS, HCLTech, Tech Mahindra, and Mphasis falling between 4% and 7%.
In global currency markets, the Japanese Yen has plummeted to a 40-year low against the US dollar, hovering around the critical 161-yen mark. Despite the Bank of Japan (BOJ) raising interest rates to a 31-year high, the yen failed to gain support as speculative short positions and concerns over Japan’s fiscal deficit mounted. Traders are on high alert for potential currency market intervention by Japanese authorities to support the weak currency.
Intel Shares Surge on Strategic Apple Packaging and Design Deal
Meanwhile, in the United States, President Donald Trump announced that Apple has agreed to partner with Intel to design and manufacture some of its next-generation chips within the US. The deal represents a significant strategic win for Intel’s foundry business, sending its shares up by 10% as it helps Apple diversify its supply chain away from its heavy reliance on Taiwan’s TSMC. However, Apple has also signaled to consumers that rising component costs and domestic production shifts are likely to lead to higher retail prices for iPhones and Macs in the near future.
