Shares of HCL Tech, TCS, Infosys, Wipro and other IT stocks rallied up to 7% as global AI stocks came under pressure after Broadcom CEO Hock Tan and Intel CEO Lip-Bu Tan warned that access to capital and rising financing costs could emerge as major constraints on the AI boom, raising questions about the returns from massive investments in data centres and computing infrastructure.
In India, the Nifty IT index gained 3.3%, or 950 points, at the day’s high. TCS rose 7%, while HCL Tech gained over 5% following its Q2 results. Tech Mahindra, Infosys and Wipro advanced 3.2%, 2.7% and 3%, respectively. Within minutes of the opening bell, the index’s market capitalisation increased by Rs 26,430 crore.
