The Nifty IT index surged 3.75% on Tuesday, rising 1,105.25 points to 30,547.15, driven by strong gains in heavyweight technology stocks including TCS, Infosys, HCLTech and Tech Mahindra, according to The Times of India.
Nifty IT Leads Domestic Rally
The IT sector's surge came as Indian benchmark indices opened marginally lower. The Sensex slipped about 4 points to 76,831.75, while the Nifty 50 fell nearly 25 points to 23,971.25, as investors stayed cautious ahead of the US Federal Reserve's policy decision and tracked global market cues, reported The Times of India.
Global Tech Selloff Intensifies
While Indian IT stocks rallied, Asian markets experienced a sharp selloff. South Korea's benchmark Kospi index tumbled more than 9%, dragged down by heavy selling in semiconductor stocks as concerns over the sustainability of the artificial intelligence boom intensified, according to The Times of India. The index fell as much as 9.5% to its lowest level since April, with chip giants Samsung Electronics and SK Hynix leading the decline amid a broader global selloff in AI-linked technology shares.
Japan's Nikkei fell more than 4% in early trade, weighed down by heavy losses in chip-related stocks. Kioxia tumbled 15%, while Advantest and Tokyo Electron each dropped about 10%, extending the global semiconductor selloff.
Semiconductor Stocks Under Pressure
South Korean semiconductor giants SK Hynix and Samsung slumped around 10% each, dragging the Kospi down more than 8% and triggering a 20-minute circuit breaker, The Times of India reported. The selloff came amid fresh concerns over competition from China's chip industry and weakening sentiment around AI stocks.
Market Index Performance Summary
| Index | Movement | Level | Key Detail |
|---|---|---|---|
| Nifty IT | +3.75% (+1,105.25 pts) | 30,547.15 | Led by TCS, Infosys, HCLTech, Tech Mahindra |
| Sensex | -4 pts | 76,831.75 | Marginal decline ahead of Fed decision |
| Nifty 50 | -25 pts | 23,971.25 | Cautious opening |
| South Korea Kospi | -9.5% (intraday low) | Lowest since April | Triggered 20-min circuit breaker |
| Japan Nikkei | -4%+ | - | Chip stocks plunge: Kioxia -15%, Advantest & Tokyo Electron -10% |
Next milestone: Investors will watch the US Federal Reserve's policy decision for further market direction.
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