Nifty IT climbs 2.5% as global AI stocks tumble
While global artificial intelligence, or AI, stocks took a hit this week, the Nifty IT index in India actually climbed 2.5%.
Investors seem to be leaning toward Indian tech companies for their more affordable automation options, instead of splurging on expensive AI projects.
Cognizant's solid third-quarter performance, with revenue up 4.8% on year in constant currency to $5.66 billion, gave the sector an extra boost, helping companies like Coforge and Wipro notch impressive gains.
Alphabet backlash prompts Indian IT backing
With big tech firms like Alphabet facing backlash over heavy AI spending, markets turned a bit anxious. This pushed investors to play it safe and back Indian IT stocks instead.
Most firms in the sector saw gains, though Oracle Financial Services Software was the only stock in the red.
Overall, the mood is shifting toward reliable tech solutions that don't break the bank.