Indian IT Stocks Rally Over 3% As OpenAI Revenue Forecast Falls To US$50 Billion, Easing AI Disruption Fears

Indian information technology (IT) stocks rallied on Friday, 9 October 2026, despite fresh US immigration restrictions that have a direct effect on technology companies.

The rally came after OpenAI told investors its annualised revenue run rate was nearly US$50 billion in September, below the nearly US$70 billion indicated in earlier reports. The difference raised questions about the pace of AI demand, but also eased some market concerns that AI companies could rapidly displace traditional IT services providers.

The Nifty IT index gained more than 3%, its biggest single-day rise since 28 August, as investors weighed relatively resilient earnings, concerns around artificial intelligence (AI) disruption and a revised revenue projection from OpenAI.

What Drove The IT Stock Rally Despite US Immigration Curbs?

Tata Consultancy Services (TCS) shares climbed 4.2%, while HCL Technologies and Infosys gained around 3% each. Wipro advanced about 2.7%, and Tech Mahindra rose around 1.5%.

TCS’s second-quarter results offered some reassurance about earnings resilience, although analysts did not see a clear recovery in demand. Most analysts believe the rally reflected earnings resilience and easing AI-disruption concerns more than a fundamental recovery.

The Nifty IT index had fallen nearly 8% from its August highs after rising 17% from early July. It remained down 24.6% so far in 2026, compared with a 13.8% decline in the Nifty.

Why Is OpenAI’s Revenue Forecast Important For The IT Sector?

OpenAI’s revised projection was significantly below the US$70 billion figure reported previously. However, the comparison is affected by differences in how revenue is measured: Anthropic includes sales through cloud partners such as Amazon Web Services and Google Cloud, while OpenAI does not.

The distinction matters because investors closely monitor annualised revenue projections from major AI companies as an indicator of demand for technology attracting substantial investment. OpenAI is also in early-stage talks to raise US$30 billion at a valuation of about US$1.4 trillion.

The company’s most recent fundraising closed in March at US122 billion, valuing it at US$852 billion. Anthropic raised US$65 billion in May at a valuation of US$965 billion, and was expected to pursue an initial public offering as soon as November.

What Do US Immigration Restrictions Mean For Indian IT Firms?

The US government moved to bar eight technology companies from participating in a programme linked to employment-based green-card applications. The Permanent Labour Certification Programme is part of the process through which skilled foreign workers can seek permanent residency.

Analysts said the immediate impact on Indian IT firms could be limited because companies such as TCS, Infosys and Wipro have increasingly hired fewer overseas workers amid tighter rules and higher H-1B visa costs. The suspension affects the employment-based green-card pipeline rather than existing H-1B work authorisation.

The latest technology news points to a market balancing two forces, which are, concerns about AI changing traditional IT services and evidence that established firms continue to generate earnings. Enterprise AI implementation, integration and modernisation could also create opportunities for IT service providers.

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