Techs sell-off on Dalal Street as Anthropic’s AI-app takes on Indian IT majors’ business
The sharp slide in sector leaders like TCS, Infosys and Wipro, also left BSE’s IT index down 5.5% at close of session.
Despite the tech meltdown, sensex closed marginally higher, up 79 points or 0.1%, as strong buying in other index-heavyweights like Reliance Industries and ICICI Bank more than made up for the loss inflicted by the software exporters.The global tech sell-off had started on Tuesday night that pulled the Nasdaq Composite index down by 1.3%.
The bearish sentiment spilled over in other Asian markets on Wednesday, including in India.According to Ravikumar S, CEO, Cognizant, one of the leaders in the software services space, Anthropic’s AI-driven application could penetrate enterprises far more deeply than classical or SaaS software ever did, leading to even more software being created.
