Indian IT shares saw a significant drop on Wednesday, wiping out recent gains. Analysts suggest this was largely due to profit booking after a rapid rise. They advise investors to be cautious, citing concerns about growth slowdown and AI’s impact on traditional outsourcing. While some see long-term potential, short-term volatility is expected.
Sensex falls over 100 pts, Nifty below 22,550 as market heads for 8th weekly loss, overtaking COVID crash. More pain ahead?
Indian equity benchmarks Sensex and Nifty fell for a fourth straight session on Thursday, heading for their eighth consecutive weekly loss. Driven by intense FII