Heavy selling in IT weighs down Indian stock indices; Sensex falls 558 points
Zee News
Sensex closed at 83,674.92 points, down 558.72 points or 0.66 per cent, while Nifty closed at 25,807.20 points, down 146.65 points or 0.57 per cent.
New Delhi: Indian stock indices dipped Thursday, weighed down by a nosedive in IT counters, with analysts attributing it to mounting concerns over AI-led disruptions.
Sensex closed at 83,674.92 points, down 558.72 points or 0.66 per cent, while Nifty closed at 25,807.20 points, down 146.65 points or 0.57 per cent.
Among the sectoral indices, IT declined the most, by 5.51 per cent, according to the data.
"A nosedive correction in the IT index triggered by mounting concerns over AI-led disruptions, along with low expectations of a US Fed rate cut due to strong US job data and unemployment rates, dampened investor sentiment. Globally, AI is reshaping markets by compressing margins in service-intensive sectors and increasing concentration-led volatility. In India, this technology shift is likely to structurally transform IT services by accelerating delivery timelines and automating volume-driven tasks, thereby challenging the traditional headcount-based outsourcing model," said Vinod Nair, Head of Research, Geojit Investments Limited.
Nair added that a weak sentiment in the IT sector, along with lingering geopolitical tensions between the US and Iran, may influence investors to take a cautious approach in the near term.
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Sensex closed at 83,674.92 points, down 558.72 points or 0.66 per cent, while Nifty closed at 25,807.20 points, down 146.65 points or 0.57 per cent.
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