Indian IT stocks rallied in morning trade on Thursday, 15 October, as investors responded to strong quarterly results, improving sentiment around artificial intelligence (AI) services and a weaker rupee against the US dollar. HCLTech led the gains, while TCS, Tech Mahindra, Infosys, Wipro and other IT companies also advanced, pushing the Nifty IT index higher.
The Nifty IT index climbed 2.5% during the session, extending its rally to 9% over three trading sessions. The gains came as investors assessed the earnings reported so far in the September quarter and looked for signs that AI-related business was translating into stronger revenue growth and deal wins.
HCLTech was the top gainer, rising 3.5%. Tech Mahindra and TCS advanced more than 3% each, while Infosys gained 2.5%. LTM, Wipro and Mphasis rose between 1% and 2%.
Stronger-than-expected earnings from major IT companies have helped lift sentiment across the sector. Better-than-expected Q2 results from TCS and HCL Tech, a slowdown in the AI trade, and the US dollar’s rise against the rupee have all contributed to the upward momentum.
HCL Tech reported revenue of $3.72 billion in Q2FY27, an increase of 2% quarter-on-quarter (QoQ) and 2.2% year-on-year (YoY). The figure exceeded the $3.68 billion expected by a Bloomberg poll of 34 analysts.