Quarterly results from HCL Technologies that came in ahead of forecasts, combined with a broad retreat among Asian chipmaker shares, pushed investors toward technology names seen as less exposed to artificial intelligence themes, lifting the combined market value of Indian IT stocks by over $12 billion on Tuesday, 13 October. Combined, the ten stocks making up the Nifty IT index pushed their total market value upward by over $12 billion.

Of the three firms, Tata Consultancy Services posted the steepest market-value increase at $5 billion, while HCL Technologies contributed a $2.6 billion rise and Infosys rounded out the group with gains of $1.6 billion. Roughly $700 million in market value accrued to each of Tech Mahindra and Wipro over that stretch.

The Nifty IT index climbed close to 5% during intraday trading, a move that would rank as its strongest one-day advance since May 2025. Taken together, the companies tracked by the index carry a combined valuation of roughly $250 billion.

Gains recorded across Indian information-technology shares unfolded at a time when chip manufacturers elsewhere in Asia were retreating, weighed down by uncertainty over the durability of artificial-intelligence spending. Broadcom's chief executive likened the current wave of AI investment to gambling, a comparison that sent the KOSPI — a benchmark index with heavy exposure to semiconductor stocks — down 5.5% on Tuesday.

Shares in Samsung Electronics retreated 7.4%, with SK Hynix posting a steeper drop of 10%. Losses of close to 2% took hold across both the Taiex in Taiwan and Japan's Nikkei 225, following a retreat among US semiconductor stocks in the previous session.

Quarterly results for the period through September came in ahead of analyst forecasts, pushing HCL Technologies stock up by more than 8% at its intraday peak. Quarterly earnings at TCS came in above what analysts had forecast, with leaner operations and a steady uptick in contract activity lending support to the IT services group's expansion.

Jefferies data shows that AI-related revenue streams drove HCL Technologies' performance in the July-to-September period, with that segment climbing 28% from the previous quarter to represent roughly one in every 17 rupees of total income. HCL Technologies received a rating lift — moving from "underperform" to "hold" — while the brokerage also nudged its FY27-29 per-share earnings projections upward by as much as 2%, a revision tied to an improved margin outlook.

In a note directed at investors, Jefferies forecast that HCL Tech's recurring earnings per share would grow at a compound annual rate of 6% between FY27 and FY29, while also placing the company among a narrow group of large IT players capable of delivering constant-currency revenue growth at or above 5% in FY28 — a pairing of that earnings trajectory with steady margin results that, the brokerage argued, supports a valuation sitting roughly 20% above TCS and around 25% above Infosys.

Staffing numbers edged upward, pointing to broader activity taking hold across the organisation. A net intake of 6,450 workers during the July–September quarter lifted HCL Technologies to its steepest three-month hiring pace in four years.

Net profit for the quarter landed at ₹5,132 crore — the highest the company has posted in a single three-month period — while its total workforce climbed to 2.30 lakh employees by the close of September, a figure the organisation had not previously reached. Headcount at TCS climbed to 5.98 lakh — a peak not seen across the prior five quarters — after roughly 4,300 new hires joined the company's rolls during that period. Headcount grew for a third quarter running, a feat the organisation had not achieved since the stretch ending in Q3FY23.