INDIA STOCKS-Indian shares fall after recent rally as IT drags after Accenture results

Accenture Plc Class A

Accenture Plc Class A

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- Indian shares opened lower on Friday, after a five-session winning streak, dragged by information technology stocks after a weak read-through from Accenture's earnings outlook weighed on sentiment.

The benchmark Nifty 50 .NSEI fell 0.73% to 23,991.2, while the BSE Sensex .BSESN shed 0.72% to 76,852.86, as of 9:15 a.m. IST, after rising 4.3% and 4.78% in the last four sessions, on lower oil prices.

All 16 major sectors logged losses at the open. IT index .NIFTYIT lost 5.1% with all 10 constituents declining.

TCS TCS.NS, Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS lost between 3.3% and 6%.

"We see a negative read-aross for Indian IT companies from Accenture's results, given continued low visibility on demand outlook," said Goldman Sachs' analysts.

The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lost 0.2% and 0.5%, respectively.