If the last five days had you riding high on a relentless bull run, Friday brought a harsh reality check. The bears suddenly woke up on Dalal Street, violently snapping a five-session winning streak and dragging the benchmarks heavily into the red.

The Sensex plunged over 600 points, while the Nifty slipped to just barely hold onto the 24,000 mark. But what actually triggered this sudden U-turn?

The primary culprit wasn't domestic—it was a shockwave from Wall Street. Global tech giant Accenture slashed its revenue guidance, sending shivers through the Indian IT sector and wiping out massive index weight in a brutal sell-off. Add to that renewed geopolitical jitters as US-Iran talks hit a roadblock, and the market found the perfect excuse to aggressively book profits.

From Reliance Industries hosting its mega AGM mid-market to the Nifty IT index crashing to a multi-month low, there was a lot of action driving yesterday's headline numbers.

Here is the breakdown of the key events that shaped Friday's market:

The Broad Market Vibe

• Benchmarks snap winning streak: The BSE Sensex dropped 607.08 points (0.78%) to settle at 76,802.90, while the NSE Nifty 50 declined 154.90 points (0.64%) to end at 24,013.10.
• A halt to the rally: The drop abruptly ended a five-day rally where the Nifty had climbed over 1,000 points and the Sensex had surged by more than 3,500 points.
• Broader market resilience: Despite intense selling pressure in large-cap stocks, the broader markets held their ground. The Nifty MidCap and SmallCap indices actually settled higher by 0.22% and 0.42%, respectively.
• Fear gauge ticks up: India VIX, the market's volatility indicator, spiked 5.20% to 13.33, signaling a sharp uptick in investor anxiety.
• FII selling returns: Foreign Institutional Investors (FIIs) turned net sellers again after three consecutive sessions of buying, offloading equities worth ₹1,025 crore.

Market Overview

• Benchmarks snap winning streak: The BSE Sensex dropped 607.08 points (0.78%) to settle at 76,802.90, while the NSE Nifty 50 declined 154.90 points (0.64%) to end at 24,013.10. Both indices halted a robust five-day rally.
• Broader market resilience: Despite intense selling pressure in large-cap stocks, the Nifty MidCap and SmallCap indices showed resilience and managed to close higher by 0.22% and 0.42%, respectively.
• FII selling returns: Foreign Institutional Investors (FIIs) resumed their selling activity, offloading equities worth ₹1,025.20 crore.

Sector & Stock Movers

• Massive IT sell-off: The Nifty IT index plummeted over 3.6% to hit a 52-week low, acting as the primary drag on the broader market indices.
• Accenture's weak guidance: The Indian IT rout was triggered by global tech giant Accenture, which trimmed its full-year FY27 revenue growth guidance to 3-4% from 3-5%, raising alarms about a slowdown in global enterprise technology spending.
• Top Nifty Losers: Infosys plunged over 6.5%, while Tata Consultancy Services (TCS), HCL Tech, and Tech Mahindra fell between 2.3% and 3.5%.
• Top Nifty Gainers: Eternal Limited, Bharti Airtel, Power Grid, and Nestle India ended in the green, providing some cushion against the market fall.
• Sectoral performance: Aside from IT, Nifty Realty (-1.01%) and Nifty Oil & Gas (-1.18%) witnessed profit booking. In contrast, Nifty Pharma (+0.73%) and Nifty India Defence (+0.68%) managed to post gains.
• HDFC Bank slips: Shares of HDFC Bank declined following the Reserve Bank of India's approval of a relatively short three-month extension for interim Chairman Keki Mistry.

Reliance Industries 49th AGM Highlights

• RIL shares dip: Heavyweight Reliance Industries slipped 1.2% as investors reacted to a slew of announcements made during its Annual General Meeting (AGM), which was held during market hours.
• Jio Platforms IPO: Chairman Mukesh Ambani announced that the board approved the filing of draft papers (DRHP) for the highly anticipated Jio Platforms Initial Public Offering, featuring a fresh issue of up to 27 crore equity shares.
• Aggressive export target: Reliance aims to become a globally competitive multi-sector export platform, targeting an ambitious $125–150 billion in exports by 2032.
• Profitability goals: Ambani stated that the conglomerate intends to more than double its consolidated EBITDA over the next five years.
• O2C restructuring: The company highlighted that its new Oil-to-Chemicals (O2C) and materials business is expected to become even more valuable than its current O2C operations.

Global Cues & Other Corporate News

• Geopolitical concerns weigh: Investor sentiment was dampened after U.S. Vice-President J.D. Vance postponed a scheduled visit to Switzerland for technical talks with Iranian negotiators, renewing geopolitical uncertainty.
• Crude oil cools down: Brent crude oil prices dropped below the $79 per barrel mark as shipping activity through the Strait of Hormuz began to normalize following the recent US-Iran peace pact.
• VA Tech Wabag wins big: The water treatment firm secured a major contract worth over $150 million to build and operate a seawater reverse osmosis desalination plant in Kuwait.
• Prestige Estates IPO delay: The real estate developer is reportedly weighing putting the initial public offering (IPO) of its hospitality unit on hold.
• DFM Foods sale talks: Private equity firm Advent International has initiated talks with advisors regarding the potential sale of packaged snack maker DFM Foods.
• Puravankara gets RERA nod: The real estate company received its MahaRERA registration certificate for its upcoming project, "Miami By Purva".