Infosys, TCS to HCL Tech: AI slowdown calls send Nifty IT pack 5% higher

IT stocks: Shares of beaten-down Indian technology services companies faced a significant uptick in Tuesday's trading session as calls to slow the pace of artificial intelligence development is seen benefitting them. 

The Nifty IT pack rallied 5.06 per cent to the day's high of 30,386 as all index constituents gained. LTIMindtree emerged as the top performer following a 6.7 per cent rise. Index heavyweights such as Infosys, Tata Consultancy Services, HCL Technologies and Wipro also added 6-4 per cent.

Tech Mahindra rose 6 per cent while Persistent, Mphasis, Coforge and Oracle Financial Services Solutions (OFSS) were also trading with sharp gains. 

Indian IT stocks have been one of the biggest casualties of AI boom, having lost 21 per cent on a year-to-date basis; a slowdown in AI spending and advancement is seen having a positive impact on these companies. 

(This is a developing story. Kindly, check back for updates.)