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What is the story about?
The selling pressure in Indian IT companies continued for the third day in a row on Wednesday, September 9, led by the largecap names Infosys and TCS. While Infosys shares are down for the sixth day running, shares of TCS have declined for the seventh straight session.
Cumulatively, the constituents on the Nifty IT index have lost over ₹1.2 lakh crore in market capitalisation in just the first two-and-a-half days of the week.
Losses have been led by Infosys, which is down another 4% in today's trading session, has extended its losses for the sixth straight session, and has declined over 8% during the course of this week so far. The losses in Infosys have resulted in the stock losing over ₹35,000 crore in market capitalisation.
Along with Infosys, India's largest IT Services company, Tata Consultancy Services is down for the seventh day running and has already lost over 4.5% during the course of the week, thereby shedding over ₹37,000 crore in market capitalisation.
Additionally, shares of Tech Mahindra, Wipro, Coforge have all lost between 5% to 6% so far this week, while shares of HCLTech, LTM, and Mphasis are down between 4% to 5%. HCLTech has also shed over ₹14,000 crore in market capitalization.
Earlier this week, OpenAI, the creator of ChatGPT, launched GPT-6 Astra, calling it its most capable model till date. The launch prompted Nvidia CEO Jensen Huang to say that "AGI has arrived".
Why so? Because Astra can operate a computer, fill online forms, update customer records, conduct web research, analyse data, create websites, work with specialized scientific software and produce documents, spreadsheets and presentations.
Additionally, while global markets have been witnessing some consolidation, stocks related to AI-linked infrastructure continued to see buying. Shares of Intel, AMD, Qualcomm and Broadcom were up between 3% to 9% on Tuesday, even as the Dow Jones fell over 600 points due to elevated oil prices and bond yields.
South Korea's KOSPI is also in recovery mode after having cleaned out the froth from its leveraged trades with the imposition of multiple regulations. The index is up 12% in the last one month. Goldman Sachs' Timothy Moe, earlier this week, maintained his 12,000 target on the index, implying an upside of nearly 80% from the previous day's close.
All 10 stocks on the Nifty IT index are trading with losses for the week.
Cumulatively, the constituents on the Nifty IT index have lost over ₹1.2 lakh crore in market capitalisation in just the first two-and-a-half days of the week.
Losses have been led by Infosys, which is down another 4% in today's trading session, has extended its losses for the sixth straight session, and has declined over 8% during the course of this week so far. The losses in Infosys have resulted in the stock losing over ₹35,000 crore in market capitalisation.
Along with Infosys, India's largest IT Services company, Tata Consultancy Services is down for the seventh day running and has already lost over 4.5% during the course of the week, thereby shedding over ₹37,000 crore in market capitalisation.
Additionally, shares of Tech Mahindra, Wipro, Coforge have all lost between 5% to 6% so far this week, while shares of HCLTech, LTM, and Mphasis are down between 4% to 5%. HCLTech has also shed over ₹14,000 crore in market capitalization.
Earlier this week, OpenAI, the creator of ChatGPT, launched GPT-6 Astra, calling it its most capable model till date. The launch prompted Nvidia CEO Jensen Huang to say that "AGI has arrived".
Why so? Because Astra can operate a computer, fill online forms, update customer records, conduct web research, analyse data, create websites, work with specialized scientific software and produce documents, spreadsheets and presentations.
Additionally, while global markets have been witnessing some consolidation, stocks related to AI-linked infrastructure continued to see buying. Shares of Intel, AMD, Qualcomm and Broadcom were up between 3% to 9% on Tuesday, even as the Dow Jones fell over 600 points due to elevated oil prices and bond yields.
South Korea's KOSPI is also in recovery mode after having cleaned out the froth from its leveraged trades with the imposition of multiple regulations. The index is up 12% in the last one month. Goldman Sachs' Timothy Moe, earlier this week, maintained his 12,000 target on the index, implying an upside of nearly 80% from the previous day's close.
All 10 stocks on the Nifty IT index are trading with losses for the week.
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