Indian IT sector faces significant market pressure as AI disruption fears trigger widespread selloff. The Nifty IT index tumbled over 5% on Friday, losing more than 8% for the week and wiping out 4.69 lakh crore in market value. Major IT firms like Wipro, TCS, and Coforge experienced substantial stock declines amid growing concerns about technological transformation. Foreign Portfolio Investors net sold Rs 7,395 crore, adding to market volatility. Experts suggest the sharp fall might present a buying opportunity, particularly in mid-cap IT stocks with more attractive growth potential. The broader market also declined, with Nifty and Sensex dropping over 1%, reflecting investor caution about potential AI-driven economic disruptions and ongoing market corrections.
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