Benchmarks plunge amid IT sell-off; IT stocks tumble for 3rd day

The key equity benchmarks traded with sharp losses in morning trade, with IT stocks bearing the brunt of the decline following the introduction of new AI model by Anthropic. Market sentiment remained cautious, shifting toward a risk-off stance. The Nifty traded below the 25,550 mark.

IT shares tanked for three consecutive trading sessions after US-based artificial intelligence startup Anthropic introduced a tool targeted at corporate legal teams. The company, known for its Claude chatbot, said the platform can automate contract reviews, compliance workflows, legal brief preparation and other routine functions, raising concerns about the long-term implications for outsourcing-driven IT business models.

 

At 10:25 AM IST, the barometer index, the S&P BSE Sensex tumbled 806.19 points or 0.96% to 82,868.73. The Nifty 50 index fell 260.70 points or 1.01% to 25,547.65.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 1.76% and the S&P BSE Small-Cap index fell 1.66%.

The market breadth was weak. On the BSE, 966 shares rose and 2,726 shares fell. A total of 174 shares were unchanged.

Result Today:

Ipca Laboratories(down 2.74%), IRB Infrastructure Developers(down 1.53%), Brainbees Solutions (Firstcry)(down 2.35%), Alkem Laboratories(down 1.68%), Akums Drugs and Pharmaceuticals(down 2.86%), Ola Electric Mobility(down 1.32%), Azad Engineering(down 2.04%), Siemens Energy India(down 1.10%), Fortis Healthcare(down 1.30%), GMR Airports(down 2.53%), Inox Wind(down 3.02%), KFin Technologies(down 2.81%), Info Edge (India)((down 3.47%), Narayana Hrudayalaya(down 1.35%), Tenneco Clean Air India(down 1.56%), Torrent Pharmaceuticals(down 0.26%), Vijaya Diagnostic Centre(down 0.95%), and Western Carriers (India)(up 0.04%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index dropped 4.75% to 31,586.40. The index plunged 11.58% in the three consecutive trading sessions.

Infosys (down 6.42%), Coforge (down 6.08%), Tata Consultancy Services (down 4.95%), Oracle Financial Services Software (down 4.92%), HCL Technologies (down 4.82%), LTIMindtree (down 3.93%), Wipro (down 3.85%), Tech Mahindra (down 3.77%), Mphasis (down 3.34%) and Persistent Systems (down 3.26%) declined.

Stocks in Spotlight:

Oil and Natural Gas Corporation (ONGC) declined 3.67%. The company reported 1.60% increase in standalone net profit to Rs 8,371.85 crore in Q3 FY2, compared with Rs 8,239.92 crore in Q3 FY25. However, revenue from operations declined 6.43% YoY to Rs 31,546.51 crore in the quarter ended 31 December 2025.

Hindalco Industries tumbled 5.79% after the company reported 45% drop in consolidated net profit to Rs 2,049 crore despite a 14% rise in revenue from operations to Rs 66,521 crore in Q3 FY26 as compared with Q3 FY25.

Coal India (CIL) fell 1.54% after the companys consolidated net profit tanked 15.61% to Rs 7,165.98 crore on a 5.25% fall in revenue from operations to Rs 34,924.19 crore in Q3 FY26, compared with Q3 FY25.

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