Indian IT stocks have clawed back about ₹3.87 lakh crore in market value in October, while foreign investors have returned with ₹6,463 crore of sector buying in the September quarter. The combination is prompting investors to ask whether the long-awaited IT reversal has finally begun or whether this is only a valuation-led rebound ahead of another difficult year.
The rally has been broad across the large-cap technology universe. TCS shares have been the biggest gainer in the month and have jumped 23%. Tech Mahindra has gained 20%, Mphasis advanced 19%, Wipro climbed 19%, Infosys rose 17% and HCL Technologies increased 16%.
