Accenture's Share Price Drop

Accenture’s stock fell 4.82%, impacting Indian IT stocks due to its benchmark status.

Promotion Delay at Accenture

Reports of Accenture delaying promotions by six months signal a broader industry slowdown.

Indian IT Stocks Decline

Following Accenture, stocks like Mphasis, Persistent, and LTIM dropped over 3%.

Mphasis Leads the Fall

Mphasis saw a 5.56% decline, leading the Nifty IT Index to fall nearly 3%.

Citi’s Cautious Outlook

Citi upgraded Accenture’s rating but highlighted challenges like macroeconomic pressures.

Macroeconomic Uncertainty

Global economic uncertainties are causing investor caution and pulling down IT stocks.

Election Cycles Affect IT Spending

Upcoming elections and their impact on IT spending are adding to market uncertainty.