Market snaps five-day rally as IT rout drags Nifty below 24,050
Mumbai, June 19 -- The domestic equity benchmarks ended sharply lower on Friday, snapping a five-session winning streak. The Nifty slipped below the 24,050 mark as a steep sell-off in IT stocks weighed on sentiment. Technology shares came under pressure after Accenture trimmed its revenue growth guidance and flagged weak demand visibility, raising concerns about global IT spending. Healthcare and pharma stocks, however, bucked the broader weakness. Investor sentiment was further affected by continued FII selling, weak global cues and rising geopolitical tensions in the Middle East. Profit booking following the recent market rally also added to the downside pressure.
The S&P BSE Sensex tumbled 607.08 points or 0.78% to 76,802.90. The Nift...
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