Benchmark stock indices Sensex and Nifty tumbled over 1 per cent on Friday, snapping their six-day record-breaking run as IT behemoth Infosys tanked over 8 per cent after it slashed its FY24 growth outlook.

The 30-share Sensex tanked 887.64 points or 1.31 per cent — its biggest single-day slide in over four months — to settle at 66684.26. During the day, it plummeted 1038.16 points or 1.53 per cent to 66533.74.

The NSE Nifty fell 234.15 points or 1.17 per cent to end at 19745, cutting short its six-day winning run. As many as 36 Nifty shares closed in the negative while 14 advanced.

The indices have closed at record-high levels in the past six trading sessions. While the Sensex rallied 2178 points or 2.86 per cent in the past six sessions to Thursday, Nifty spurted 594 points or 3.84 per cent, scaling new highs.

From the Sensex pack, Infosys tanked over 8 per cent after the company reported lower-than-expected 11 per cent rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties.

“The weak guidance from Infosys cast a shadow over the outlook of the Indian IT sector, causing a delay in Nifty’s pursuit of the 20000 mark. While the heavyweights surrendered to the bears, the small caps demonstrated resilience,” Vinod Nair, head of research at Geojit Financial Services, said.

Global markets presented a mixed picture, with the US market struggling due to weak earnings, while UK retail sales exceeded expectations with a 0.7 per cent month-on-month growth, he added.

A decline in shares of market bluechip firms Reliance Industries and Tata Consultancy Services also added to the bearish trend in equities. Hindustan Unilever, HCL Technologies, Wipro and Tech Mahindra were the other major laggards.

BSE Midcap dropped 0.26 per cent to 29547.28, while BSE Smallcap index edged 0.13 per cent up to 34146.66 points.

Among sectoral indices, BSE IT fell the most by 4.40 per cent, followed by Teck which fell 3.91 per cent, consumer durables (1.09 per cent) and FMCG (0.89 per cent).

“The decline was widespread wherein the IT pack faced the maximum heat, followed by FMCG and energy majors. Meanwhile, the broader indices traded mixed, capping damage to the market breadth,” Ajit Mishra, SVP - technical research, Religare Broking Ltd said.