Stock Market Today: Nifty IT Jumps 1.31% As TCS, Infosys Lead Tech Rally Despite Global Sell-Off

(MENAFN- AsiaNet News)

The global financial landscape presented a stark contrast on Friday, October 23, 2026, as international markets grappled with a significant technology sell-off. Investors shared concerns regarding the enormous funding requirements for artificial intelligence, prompting a flight to sovereign bonds and safe-haven currencies. This triggered the largest daily rally in Treasuries in more than three years.

Asian equities bore the brunt of this global anxiety. The MSCI Broadest Index of Asia-Pacific Shares outside Japan fell 0.3% on Friday. This extended its weekly loss to 2.7%, marking a fourth consecutive week in negative territory.

Regional benchmarks reflected similar pressures. Japan's Nikkei fell 1.3%, culminating in a steep 5% weekly decline. South Korea's KOSPI skidded 1.7%, placing it on track for a 4.3% weekly drop, while memory chipmaker SK Hynix fell 2.5%.

Trading in Taiwan was halted entirely due to a typhoon. Meanwhile, an index tracking mainland Chinese blue chips lost 1.1% on Friday, touching its lowest point since July 2025 and sitting roughly 20% below its late June peak. Hong Kong's Hang Seng provided a rare exception, edging up 0.1% after a 3% drop on Thursday.

Nifty IT Index Defies Global Trends With 1.31% Surge

## Nifty IT Index Defies Global Trends With 1.31% Surge

Against this challenging global backdrop, Indian information technology stocks charted an entirely different course by 09:45 IST. The Nifty IT index demonstrated remarkable resilience, rising sharply by 421.50 points, or 1.31%, to trade at approximately 32,503.

Buying interest across large-cap and mid-cap companies drove this advance. Tata Consultancy Services (TCS) emerged as the strongest performer, with its shares gaining 3.05% to reach Rs 2,583.30. Infosys followed closely, advancing 2.32% to Rs 1,180.10.

Mid-Cap Technology Shares Join The Broader Market Advance

The upward momentum extended across other major industry players. Wipro shares rose by 1.47% to Rs 193.21, and HCL Technologies climbed 1.56% to Rs 1,443.90.

Additional technology firms also recorded steady gains. Coforge gained 1.14% to Rs 2,509.10, Persistent Systems rose 0.65% to Rs 5,778, and Mphasis advanced 0.38% to Rs 2,509.10.

This latest session adds to a sustained period of positive momentum. Over the past month, the Nifty IT index has surged by around 15.34%, while its weekly gain stood at 5.13%.

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