IT shares fall for fourth day on weak sentiment over OpenAI deployment company; Persistent, HCLTech down up to 5%
IT shares fall for fourth day on weak sentiment over OpenAI deployment company; Persistent, HCLTech down up to 5%
Nifty IT index fell nearly 3 percent amid AI disruption concerns.
All Nifty IT stocks fell; Persistent Systems slid 5%.
Enterprise pivot, weak macros dampen investor sentiment.
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IT shares fell for the fourth straight session on Thursday amid concerns over AI-led disruption following OpenAI’s latest announcement, while weak global macros and cautious enterprise spending also weighed on sentiment.
Analysts said OpenAI’s growing focus on enterprise technology has added to investor concerns.
The Nifty IT index declined nearly 3 percent even as benchmark indices Sensex and Nifty traded higher, aided by value buying, easing volatility and positive global cues linked to optimism around the ongoing US-China talks.
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All constituents of the Nifty IT index were trading in the red during the session.
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Persistent Systems emerged as the top laggard, falling more than 5 percent.