Indian Equities Dip on IT Weakness, Rain Concerns; VA Tech Wabag Soars
By Sivam
Indian equities closed lower, ending a five-day rally, due to IT sector weakness from Accenture’s forecast and significant rainfall deficit. VA Tech Wabag secured a major Kuwait contract.
Market Downturn on IT & Weather Worries
Indian equity benchmarks closed lower on Friday, snapping a five-session winning streak. The Nifty and Sensex were dragged down by sharp selling in IT stocks and growing concerns over a nationwide rainfall deficit.
Investor sentiment was particularly hit after Accenture issued a lowered revenue growth forecast. Adding to the caution, India recorded a 41% shortfall in rainfall, as per IMD data.
Corporate Highlights & Key Deals
- VA Tech Wabag shares soared 7.09% to ₹1951.90.
- The surge followed the company winning a ‘Mega’ Design, Build, Operate (DBO) contract for a Doha SWRO plant in Kuwait.
- This significant order is valued at over $150 million.
- Separately, Sportking India saw its shares gain 0.99% to ₹183.30.
- This rise came after the company commenced commercial operations of its new solar power project, anticipating substantial long-term benefits.