From mint · A Ksheerasagar · · 1m 30s
IT stocks rebound sharply in October
TCS surges 22% as Indian IT stocks rebound after Q3 results.
In brief
TCS surges 22% as Indian IT stocks rebound after Q3 results. Indian IT stocks rose 16% in October as TCS gained 22% and Wipro/Tech Mahindra each gained 20% due to strong quarterly results, attractive valuations, and reduced AI disruption fears. Originally reported by mint.
IT stocks rebound sharply in October
Indian IT stocks rebounded sharply in October with the Nifty IT index rising 16% as stronger-than-expected quarterly results, attractive valuations, and easing concerns about AI disruption revived investor interest.
TCS surges 22% in October
TCS surged 22% in October, followed by Tech Mahindra and Wipro each gaining 20%.
Nifty IT index performance
The Nifty IT index advanced 16% and reclaimed the 30,000 mark, touching its highest level in eight months last week.
Market capitalisation growth
The combined market capitalisation of Nifty IT stocks increased from ₹ 22.01 lakh crore to ₹ 25.88 lakh crore, an increase of ₹ 3.87 lakh crore.
Q3 results revive confidence
Stronger-than-expected performances from major companies eased concerns over slowing demand and potential ai disruption impacts.
Tech Mahindra and Wipro results
Tech Mahindra reported revenue above expectations with robust deal wins, while Wipro showed stronger-than-expected quarterly revenue with delayed large deals supporting future growth.
HCLTech performance
HCLTech's quarterly performance, stronger ai-related revenue, and healthy deal wins bolstered sector confidence in earnings outlook.
Infosys earnings expected
Infosys is due to release second-quarter earnings on October 23 with expected revenue growth of just 1.8%.
The essence
Indian IT stocks rose 16% in October as TCS gained 22% and Wipro/Tech Mahindra each gained 20% due to strong quarterly results, attractive valuations, and reduced AI disruption fears.
