Anthropic hosted its enterprise agents event and unveiled several collaborations, calming investor fears that AI could significantly disrupt the software sector. The company also introduced updates to its Claude Cowork platform, allowing businesses to integrate the productivity tool with a range of enterprise applications, including Salesforce’s Slack, Intuit, DocuSign, LegalZoom, FactSet and Google’s Gmail.
Anthropic added that organisations will be able to deploy customizable plugins tailored to functions such as financial analysis, engineering and human resources.
Overnight, the Dow Jones Industrial Average rose 370 points, recovering nearly 50% of the losses recorded on Monday, while the S&P 500 and the Nasdaq Composite gained 0.7% and 1.1%, respectively.
In the previous session, stocks such as Tata Consultancy Services, Infosys and HCL Technologies came under heavy selling pressure after Anthropic said its Claude Code tool can be used to modernise legacy systems running on COBOL. The selloff dragged the Nifty IT down sharply, with the index ending 4.74% lower. In February alone, the Nifty IT index has fallen more than 20%, marking its worst monthly decline since the 2008 global financial crisis.
Further fuelling hopes of a rebound is the fact that many of these IT stocks are now in “oversold” territory. In just the first two months of the year so far, seven of the 10 constituents of the Nifty IT index have already dropped 20% or more.
Following the steep correction, the Nifty IT index is now trading at an eight-year low relative to the Nifty 500, drawing the attention of contrarian investors searching for value.Anand James, Chief Market Strategist at Geojit Investments, said oscillators had turned oversold and were showing early signs of positive divergence in recent days. However, the latest breakdown has pushed the index below the 13 February reaction low of 31,422, with momentum indicators pointing to the possibility of further downside. Standard deviation studies indicate 29,961 as the nearest support level, followed by 28,800 and 27,200 in the event of a deeper slide. On the upside, 30,300 on an intraday basis and 31,300 on a closing basis are immediate reversal levels, while 36,200 remains a major resistance.
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