Nifty IT has added ₹3.87 lakh crore in October, TCS up 23%, yet the FII bid is selective: ₹6,463 crore bought in Q3 with Wipro and Infosys ownership up while TCS and Mphasis slipped. That is a valuati

What happened: Nifty IT stocks rallied in October, with TCS up 23% and Tech Mahindra, Mphasis and Wipro each gaining about 19% to 20%. Foreign portfolio investors bought ₹6,463 crore of IT stocks in the third quarter. Key numbers: Nifty IT market cap rose from about ₹22.01 lakh crore to ₹25.88 lakh crore, Why it matters: Jefferies said the rally was driven by PE rerating rather than revenue or EPS upgrades, and sees further rerating scope only for Infosys and TCS among large caps. Axis Mutual Fund and PL Capital retained underweight stances, citing AI-related uncertainty and slow growth.

Nifty IT stocks rallied in October, with TCS up 23% and Tech Mahindra, Mphasis and Wipro each gaining about 19% to 20%. Foreign portfolio investors bought ₹6,463 crore of IT stocks in the third quarter.

Jefferies said the rally was driven by PE rerating rather than revenue or EPS upgrades, and sees further rerating scope only for Infosys and TCS among large caps. Axis Mutual Fund and PL Capital retained underweight stances, citing AI-related uncertainty and slow growth.