Indian Shares Modestly Higher In Cautious Trade As IT Stocks Surge
(RTTNews) – Indian stocks were modestly higher in early trade on Tuesday, with information technology shares leading the surge, after industry leaders called for a slowdown in the pace of AI development.
U.S. semiconductor shares sold off overnight and their Asian peers followed suit on concerns about artificial intelligence (AI) regulation amidst growing public alarm over its potential dangers.
The benchmark 30-share BSE Sensex was up 202 points, or 0.3 percent, at 74,984 while the NSE Nifty index edged up by 47 points, or 0.20 percent, to 23,445.
While TCS, Infosys, Tech Mahindra and HCL Technologies surged 5-7 percent, ITC, Hindustan Unilever and HDFC Bank were up 1-2 percent.
The broader market remained under pressure, with SBI, ICICI Bank, UltraTech Cement, Kotak Mahindra, Larsen & Toubro, Indigo, Adani Ports, Power Grid Corp, Titan Company, Power Grid Corp, Bajaj FinServ, NTPC and BEL falling 1-3 percent amid renewed West Asia tensions and ahead of the Federal Reserve’s interest-rate decision on Wednesday, with markets pricing in a 95 percent chance of an interest-rate increase.
