- Indian mid-cap IT stocks like Mphasis and Coforge rebounded after five days of decline
- Large-cap IT firms LTIMindtree and Tech Mahindra gained over 3% in early trade on Wednesday
- US tech stocks rose after Anthropic expanded access to its Claude AI chatbot via new partnerships
Indian information technology stocks, led by mid-cap counters like Mphasis Ltd., Coforge Ltd., and Persistent Systems Ltd., rebounded during early trade on Wednesday after five consecutive sessions of decline. In the large-cap space, LTIMindtree Ltd., and Tech Mahindra Ltd. gained over 3%.
This followed a strong bounceback in US-based tech stocks, after artificial intelligence startup Anthropic announced plans to broaden access to its Claude chatbot through new collaborations across software and services. The S&P 500 climbed around 0.8%, with most major sectors advancing—especially consumer discretionary, industrials, and technology. Nasdaq also posted a solid gain of about 1.1%.
Indian IT stocks had fallen to multiyear lows, with the Nifty IT index sliding 21% so far in February. Valuations for both large- and mid‑cap companies are now hovering near their lowest levels in three to five years.
ALSO READ: Coforge Set For 100% Upside? Centrum Has A Strong Buy Rating On IT Firm
Software stocks have been under pressure for months as investors weigh the impact of artificial intelligence on traditional tech businesses. On Tuesday, sentiment improved slightly, with IBM shares regaining part of Monday's sharp drop. The company had fallen about 13% after Anthropic revealed that its Claude Code product can update and adapt an older programming language still widely used on IBM mainframes—raising concerns about competitive pressures from AI‑driven tools.
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