After a big fall, the glory returned, Infosys and TCS rose by 5%, is there a chance to buy now? (Image/AI Generated)
highlights
- Shares like Infosys, TCS and Wipro saw a huge jump of up to 5% on Wednesday.
- For the last few days, there was a fear in the market that AI companies like Anthropic would ruin the business of Indian IT companies.
- Anthropic has announced to make it easier to use services like Google Gmail, Slack and Salesforce through its platform.
Today has brought a new ray of hope for investors in the IT sector. Shares like Infosys, TCS and Wipro, which were badly hit for the past several days, saw a huge jump of up to 5% on Wednesday. Till yesterday, AI which was considered a threat to IT companies, today a news related to the same AI has breathed life into the market. Let’s take a look at the full report.
Why did IT shares rise?
For the last few days, there was a fear in the market that AI companies like Anthropic would ruin the business of Indian IT companies. But today on Wednesday the tables have turned. Let us tell you that Anthropic has announced partnerships with many big software companies. This has brought enthusiasm among investors, the effect of which is clearly visible on IT stocks.
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Anthropic has announced to simplify services like Google Gmail, Slack and Salesforce through its platform, which will improve the way companies work.
IT index – biggest fall since 2008
Even though improvement has been seen today, this week was like a nightmare for the IT sector. The Nifty IT index has fallen more than 200% in the month of February, which is the biggest fall since the global recession of 2008. 7 out of 10 big companies of the index have fallen by more than 20% so far this year. Now this index is trading at its lowest level in 8 years, due to which big investors are now buying it (Value Buying) considering it ‘cheap and good’.
Expert Opinion – Should you buy now?
According to Anand James of Geojit Investments, the market is currently in the oversold zone, so a small recovery is visible, according to the ET report. Today’s boom in the IT sector may be ‘short covering’. Although shares are available quite cheap, investors should exercise caution. Unless Nifty closes strongly above IT 31,300 level, the risk is not completely over.
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