India's IT stocks head for best month in 6 years on post-earnings rally, global AI jitters

Tech Mahindra

30/10/2026 07:07

** IT stocks .NIFTYIT jump nearly 18% so far in October, on track for biggest monthly pct rise since July 2020; benchmark Nifty 50 .NSEI up 2% 
** Heavyweight sub-index top pct gainer among major sectors in October
** Tata Consultancy Services TCS, Tech Mahindra TEML.NS, Infosys INFY.NS and HCLTech HCLT.NS soar 18% to 23%; top four pct gainers on .NSEI
** Wipro WIPR.NS up 24% and Mphasis MBFL.NS up 19%; among other top sectoral gainers
** Better-than-expected earnings and unwinding of global AI-linked stocks propel buying
** YTD, subindex down 13.7% vs .NSEI's 11.6% drop
** Select Indian IT companies could get re-rated on lack of disappointment in growth expectations and worsening sentiment on global AI capex, Jefferies said in a note earlier this month
** MSCI Emerging Markets index .dMIEF00000PUS down 6.6% in October on selling in AI-linked markets MKTS/GLOB

(Reporting by Vivek Kumar M)
((VivekKumar.M@thomsonreuters.com;))