Indian IT stocks rally as South Korea, Japan markets slide

The Story in Brief

Indian markets ended nearly flat on Tuesday, with the Nifty 50 closing at 23,985, down just 0.04 per cent, as IT stocks surged despite a global semiconductor sell-off that saw South Korea's KOSPI plunge 11 per cent and Japan's Nikkei fall nearly 4 per cent. The Nifty IT index rallied 3.3 per cent, led by Coforge jumping 10 per cent after reporting 33 per cent year-on-year revenue growth in dollar terms, with 86 per cent now from AI-led services. Hindustan Unilever tumbled 7 per cent on weak earnings and Varun Beverages fell 7 per cent on missed volume estimates.

South Korean stocks rebounded nearly 13 per cent late Friday as Microsoft's strong earnings eased AI spending fears, with Samsung Electronics up 18.24 per cent and SK Hynix soaring 21.86 per cent, reports Yonhap news agency. The KOSPI had fallen nearly 40 per cent this month. Easing West Asia tensions and softer crude prices supported sentiment, with the rupee strengthening to around Rs 95.78 against the dollar and Brent crude declining. Markets now await the US Federal Reserve and Bank of Japan policy decisions.