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Indian IT services stocks followed the global rout in technology,software, consulting and outsourcing stocks on Feb 04, 2026. The key catalyst was the Palantir earnings call, which highlighted how the company is upending pay per seat software (workday, ServiceNow, etc.) as well as third-party software with its own AI offerings.
The company also shared a few examples of clients getting rid of third-party software. In addition, Palantir also mentioned that its AI platform was powering complex SAP migration work, compressing implementation timeline from years to weeks.
In addition, Anthropic’s entry into automating low-level legal services work and Gartner’s muted guidance also had a bearing on sentiment.
While AI’s threat to software coding hours was well known, Palantir’s comments put enterprise-resource planningi implementation into the spotlight, which so far could be considered less impacted from AI’s productivity gains.
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Also Read: Indian IT Outlook: Analysts Divided Over Impact Of AI Tools On Revenue, Flag Risks To Jobs
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