We assume $\mathsf{AC}$.
Let $\kappa=|M|$. Let $(I,<)$ be a linear order of size $\kappa$ such that for any $x,y\in I$ with $x<y$ we have $|(x,y)|=\kappa$, we call such order a $\kappa$-dense linear order; the existence of such an order can be shown using the fact that $\kappa\cdot\kappa=\kappa$ under $\mathsf{AC}$. Fix $A\subseteq I$ of size $\kappa$ such that its complement is $\kappa$-dense in $(I,<)$, that is, whenever $x,y\in I$ with $x<y$, then $|(x,y)\cap A^c|=\kappa$.
First we prove:
$\mathbf{Proposition \ 1.}$ Let $\mathcal M$ be a saturated structure of size $\kappa$ with an indiscernible sequence $(a_i)_{i\in I}$, with $(I,<)$ as above, then $|Aut(\mathcal M)|=2^\kappa$.
$\mathbf{Proof:}$ Let us prove that any increasing function $f:(a_i)_{i\in A}\rightarrow (a_i)_{i\in A}$; $A$ defined above, can be extended to some $\hat f\in Aut(\mathcal M)$. Let us construct $\hat f$ using back-and-forth, fix an enumeration $M=\{b_\alpha:\alpha<\kappa\}$. $\hat f$ will be constructed in such a way that for any $\alpha<\kappa$, if $A_{\alpha}$ is the set of all elements $b\in M$ for which $\hat f(b)$ has been defined before step $\alpha$, then $\hat f(b_{\alpha})$ realizes $\hat f(\mathbf{tp}(b_{\alpha}/A_\alpha))=\{\varphi(x,\hat f(\bar a)):\varphi(x,\bar a)\in \mathbf{tp}(b_\alpha/A_\alpha)\},$ this will ensure $\hat f$ is an automorphism of $\mathcal M$, provided we make $\hat f$ onto.
Suppose we have defined $\hat f(b_{\beta})$ for all $\beta<\alpha$ for some $\alpha<\kappa$.
Suppose $b_{\alpha}\notin (a_i)_{i\in A}$. As $\mathcal M$ is saturated, there is some $a\in M$ such that $a$ realizes $\hat f(\mathbf{tp}(b_{\alpha}/A_\alpha))$. If $a\notin (a_i)_{i\in A}$, we put $\hat f(b_{\alpha})=a$. If $a=a_i'$ for some $i'\in A$, choose $j\in I\setminus A$ such that $j$ is ordered with respect to $\{i:a_i\in A_{\alpha}\}$ the same way $i'$ is ordered with respect to $\{i:a_i\in A_{\alpha}\}$; $A^c$ is $\kappa$-dense in $(I,<)$, then clearly $a_j$ realizes $\hat f(\mathbf{tp}(b_{\alpha}/A_\alpha))$, so we put $\hat f(b_{\alpha})=a_j$.
If $b_{\alpha}\in (a_i)_{i\in A}$, we simply put $\hat f(b_{\alpha})=f(b_\alpha)$, then $\hat f(b_\alpha)$ realizes $\hat f(\mathbf{tp}(b_{\alpha}/A_\alpha))$ because of the assumptions on $(a_i)_{i\in I}$ and $f$, and the inductive hypothesis.
Now suppose $b_\beta$ has a preimage under $\hat f$ for all $\beta<\alpha$, for some $\alpha<\kappa$. We do a similar argument as above, taking care of extending $f$, to get a preimage for $b_{\alpha}$; considering $\hat f^{-1}(\mathbf{tp}(b_{\alpha}/f[A_\alpha]))=\{\varphi(x,\bar(a)):\varphi(x,f(\bar a))\in \mathbf{tp}(b_{\alpha}/f[A_\alpha])\}$ instead of $\hat f(\mathbf{tp}(b_\alpha/A_\alpha))$. This makes $\hat f$ onto.
Thus by transfinite induction we obtain $\hat f\in Aut(\mathcal M)$ such that $\hat f$ extends $f$. As there are $2^{\kappa}$ many increasing $f:(a_i)_{i\in A}\rightarrow (a_i)_{i\in A}$, it follows that $|Aut(\mathcal M)|=2^{\kappa}$.
Now let us prove that such sequence $(a_i)_{i\in I}$ exists in any saturated $\mathcal M$.
$\mathbf{Proposition \ 2.}$ Let $\mathcal M$ be a saturated structure of size $\kappa$ and $\mathbb I=(I,<)$ a $\kappa$-dense linear order of size $\kappa$, then $\mathcal M$ contains a sequence of indiscernibles $(a_i)_{i\in \mathbb I}$.
$\mathbf{Proof:}$ Let $L$ be the language of $\mathcal M$. Using Ramsey's Theorem and the compactness theorem it can be shown that there is a model $\mathcal N$ in the language $L$ such that $\mathcal N$ is elementary equivalent to $\mathcal M$ and has a sequence of indiscernibles $(a_i)_{i\in \mathbb I}$; this is lemma 15.3. on this book. Let $g:\kappa\rightarrow I$ be a bijection, then $(a_i)_{i\in \mathbb I}=\{a_{g(i)}:i<\kappa\}$
Let us construct a sequence $(c_i)_{i<\kappa}$ in $M$ by induction on $i$:
As $\mathcal N\equiv \mathcal M$ and $\mathcal M$ is saturated, there exists $c_0\in M$, such that $c_0$ realizes $\mathbf{tp}(a_{g(0)})$ in $\mathcal M$. If $c_\beta$ has been constructed for all $\beta<\alpha$ for some $0<\alpha<\kappa$, let $c_{\alpha}\in M$ be such that $c_\alpha$ realizes $\{\varphi(x,c_{i_0},\ldots,c_{i_n}):\varphi(x,c_{g(i_0)},\ldots,c_{g(i_n)})\in \mathbf{tp}(a_{g(\alpha)}/\{a_{g(i)}:i<\alpha\})\}$. Then $\{c_{g^{-1}(i)}:i\in \mathbb I\}$ is a sequence of indiscernibles in $\mathcal M$.