IT shares fall: Shares of IT sector firms such as TCS, Infosys, HCL Technologies, Wipro and Tech Mahindra were the top losers on Sensex today as fears of AI-led disruption returned amid rising crude oil prices (near $105/barrel) and the Rupee at record low of 95.58 soured market sentiment.

Investors were also jittery over uncertainty in key markets like the US and Europe that causing clients to delay discretionary tech spending and renegotiate contracts.

The BSE IT index crashed 984 pts to 27,549 in early deals. Aurionpro Solutions, Sonata Software, Rategain, Birlasoft Ltd, Silver Touch Technologies, Persistent Systems and Happiest Minds shares slipped up to 9.84% in early deals. 

On similar lines, the Nifty IT index tanked 1071 pts to 28,255.  

TCS, Infosys, Tech Mahindra, HCL Tech and Wipro were the top Nifty losers, falling up to 4.51%. 

Rising geopolitical tensions in West Asia, and a global sell-off in technology stocks also dented IT stocks sentiment on the Dalal Street. The decline followed failed US-Iran peace talks and Prime Minister Narendra Modi's call for austerity. 

As the Nifty IT index tumbled nearly 3% in early trade, sector heavyweights such as TCS and Infosys slipped to their fresh 52-week lows.

Meanwhile, Sensex crashed 780 points to 75,235 and Nifty sinked 204 pts to 23,614, falling for the second straight session this week. 

VK Vijayakumar, Chief Investment Strategist, Geojit Investments said, "The austerity call by the prime minister impacted the stock prices of sectors which are expected to be negatively affected by reduced consumption. Stocks of sectors like jewellery, travel and hotels bore the brunt of selling yesterday. It is important to understand that these sectors will bounce back smartly if crude falls sharply and the austerity package becomes irrelevant. Therefore, watch out for the West Asia geopolitical situation and crude prices."