$TCS

Indian IT stocks are expected to remain under pressure on Friday after a steep overnight decline in Accenture shares and weakness in Indian IT ADRs heightened concerns about a slower recovery in global technology spending. Accenture's stock tumbled nearly 18 percent after the global IT services giant cut its FY26 revenue growth forecast and warned of revenue challenges stemming from weakness in West Asia. The cautious outlook overshadowed an otherwise solid third-quarter performance, where revenue of $18.7 billion broadly matched estimates and earnings per share exceeded expectations. The negative sentiment spilled over to Indian technology companies listed in the US. Infosys ADR plunged 9.7 percent, while Wipro ADR fell 3.6 percent, signaling a potentially weak opening for the sector in domestic markets. The pressure on IT stocks comes despite a relatively resilient broader market. On Thursday, Indian benchmark indices closed higher, with the Nifty ending above the 24,150 mark, supported by easing crude oil prices and positive global cues that helped offset concerns surrounding the US Federal Reserve's hawkish policy stance. Adding to investor worries, Accenture reported a decline in new bookings to $19.3 billion from $19.7 billion a year earlier, reinforcing concerns about subdued client spending and a slower demand recovery across the technology services industry.