Indian IT index rises 3% as global tech stocks slide
The Indian IT index climbed 3% on Monday, standing out as global tech stocks slid.
Investors seem confident in Indian IT firms, partly because they aren't caught up in the huge AI spending race that's worrying other markets.
This boost comes just before a key US Fed meeting, where inflation worries tied to the Iran conflict could matter for Indian companies earning big from US clients.
Asia chips slump, software sentiment positive
Across Asia, tech stocks tumbled: MSCI's Asia Pacific Index dropped as much as 3.6%, and South Korea's Kospi fell 10%.
Chip giants like SK Hynix and Samsung Electronics lost over 11% amid concerns about circular funding and competition from China.
On Wall Street, chip stocks kept falling for a third day, but sentiment was positive for software companies as investors bet they'll still hit their profit targets this quarter, even with some warnings from IBM and Accenture about possible bumps ahead.