Sensex, Nifty post moderate gains as IT stocks plunge over ‘SaaSpocalypse’
MUMBAI: The Indian equity markets posted moderate gains on Wednesday morning with broad-based gains across sectors, weighed down by losses in IT stocks due to AI-driven ‘SaaSpocalypse’.
The Indian IT stocks plummeted tracking negative Wall Street cues over steeper competition and lower margins, stemming from AI advancement, after the latest launch of a legal tool by Anthropic for its Claude AI chatbot.
As of 9.25 am, Sensex added 44 points, or 0.05 per cent, to reach 83,783, and Nifty gained 51 points, or 0.20 per cent to settle at 25,778.
Main broad-cap indices posted moderate gains, as the Nifty Midcap 100 edged up 0.04 per cent, and the Nifty Smallcap 100 inched up 0.01 per cent.
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