IT rebound leads Indian shares higher
Indian benchmark shares open higher on Wednesday, led by IT companies in a broad-based rebound following the previous session's sharp selloff due to renewed worries over AI-related disruption.
The Nifty 50 rose 0.46% to 25,543.75 and the BSE Sensex added 0.49% to 82,618.78 as of 9:17 a.m. IST.
Fifteen of the 16 major sectors logged gains at the open, with the IT index rising 2.6%. The index had slumped 4.7% in the previous session.
The broader small-caps and mid-caps rose 0.7% and 0.5%, respectively.
Other Asian markets gained 1.4%. Wall Street equities had rebounded overnight after San Francisco-based startup Anthropic unveiled 10 new ways for business customers to use its AI plugins, reviving enthusiasm that AI would boost business profitability across certain sectors. [MKTS/GLOB]
"Although a short-term pullback cannot be ruled out, it is unlikely for the benchmark Nifty to sustain at higher levels with 25,200 and 25,800 levels acting as immediate support and resistance," said Nilesh Jain, vice president and head of technical and derivatives research at Centrum Finverse.
