The $12 Billion Boost: Indian IT stocks lead market higher led by HCLTech results, AI trade unwind – CNBC TV18

Indian IT stocks added more than $12 billion in market capitalisation on Tuesday, October 13, as better-than-expected September-quarter earnings from HCL Technologies and a sell-off in Asian chipmakers triggered a rotation into the so-called anti-AI trade.

The 10 constituents of the Nifty IT index collectively added more than $12 billion in market capitalisation.

Tata Consultancy Services led the gains, adding $5 billion, followed by HCL Technologies at $2.6 billion and Infosys at $1.6 billion. Tech Mahindra and Wipro added about $700 million each.

The Nifty IT index surged nearly 5% in intraday trade, putting it on course for its biggest single-day gain since May 2025. The index’s combined market capitalisation stands at about $250 billion.

The rally in Indian IT stocks came as Asian chipmakers tumbled amid concerns over AI investments. South Korea’s chip-heavy KOSPI plunged 5.5% on Tuesday after Broadcom CEO likened the AI investment frenzy to gambling in a casino. Samsung Electronics fell 7.4%, while SK Hynix slumped 10%. Taiwan’s Taiex and Japan’s Nikkei 225 also declined nearly 2% after US chipmakers slid overnight.

HCL Technologies shares rallied more than 8% intraday, buoyed by better-than-expected earnings for the quarter ended September. TCS also reported quarterly profit that topped…

Original source: https://www.cnbctv18.com/technology/