From The Economic Times · Veer Sharma · · 1m 50s
IT stocks rebound with Rs 2.6 lakh crore gain
IT stocks surged 12% this week, adding Rs 2.60 lakh crore in market value after AI-linked stocks slumped.
In brief
IT stocks surged 12% this week, adding Rs 2.60 lakh crore in market value after AI-linked stocks slumped. IT stocks gained Rs 2.60 lakh crore in market value this week as AI stocks fell, with Tech Mahindra up 16%. Originally reported by The Economic Times.
IT stocks rally
IT stocks added Rs 2.60 lakh crore in market value this week, rising 12% to become the best-performing index.
Tech Mahindra leads gains
Tech Mahindra surged over 16% this week, followed by Wipro at 13% and TCS, Infosys, and HCL Tech each up 12%.
AI stocks plunge
US stocks linked to AI fell, wiping out more than $1 trillion in market value from 20 top AI and semiconductor companies this week.
OpenAI revenue drop
OpenAI reported September revenue near $50 billion, lower than its earlier $70 billion projection.
TCS Q2 earnings
TCS reported 15% year-on-year growth in net profit at Rs 13,884 crore for Q2, with a second interim dividend of Rs 12 per share.
Accenture growth forecast
Accenture CEO Julie Sweet said AI efficiencies won't outweigh new demand, with the consulting industry expected to grow.
AI capital constraints
Broadcom and Intel warned AI expansion faces capital constraints, not semiconductor shortages, as investors reassess AI returns.
South Korea market drop
South Korea's tech-heavy market plunged 6% on Tuesday as AI-linked stocks selloff deepened.
Geojit strategist view
Geojit Investments' VK Vijayakumar said strong IT results and management commentary triggered IT index recovery.
Mahindra Manulife outlook
Mahindra Manulife Mutual Fund's Krishna Sanghavi noted AI adoption pace remains key for Indian IT sector earnings growth.
Lemonn Market desk view
Lemonn Market desk's Gaurav Garg warned of profit-booking and volatility after IT stocks sharp rally.
The short version
IT stocks gained Rs 2.60 lakh crore in market value this week as AI stocks fell, with Tech Mahindra up 16%.
