AI capex concerns deepen pressure on Indian IT stocks
Indian IT stocks fell up to 5% on 28 Oct as Anthropic’s IPO filing highlighted $321 billion of future leases and $269 billion in major cloud compute commitments. OI Charts data showed short build-up in Infosys, TCS and Wipro futures.
after close3 sources ↓machine-written, see hownot a recommendation
- INFY close
- ₹1,163
- On the day
- -0.26%
- Futures OI, short build-up
- +19.9%
- Put-call ratio
- 0.99
- Max pain
- ₹1,140
Indian information technology stocks fell further on 28 Oct 2026, with Infosys, Tata Consultancy Services, Coforge, Tech Mahindra and Mphasis among the stocks leading a selloff of up to 5%. The move extended the pressure that followed Anthropic’s proposed Nasdaq initial public offering and weakened hopes that traditional IT services companies would benefit from a “reverse AI” trade. 💻
The latest concern is the scale of spending required to build and operate artificial-intelligence infrastructure. Anand Rathi said Anthropic has $321 billion in future leases, while Google, Amazon and Microsoft together have $269 billion in minimum compute commitments: $114.5 billion for Google, $110 billion for Amazon and $44.9 billion for Microsoft. The figures raised questions about capital intensity, funding needs and whether infrastructure utilisation will match the pace of investment. ⚡
The brokerage said Indian IT companies remain relatively asset-light, with low capital expenditure, net-cash balance sheets and strong cash conversion. However, that positioning exposes them mainly to the later enterprise-deployment cycle rather than the immediate infrastructure boom, keeping investor attention on whether AI spending creates or displaces demand for traditional outsourcing services.
OI Charts data for 27 Oct showed bearish futures positioning in the three large Indian IT names covered. Infosys closed at ₹1,163, down 0.3%, while futures open interest rose 19.9%, indicating short build-up. Its largest call open interest was at ₹1,200, largest put open interest at ₹1,140 and max pain at ₹1,140 for the 23 Nov expiry. The stock was still up 4.8% over five sessions and 14% over 20 sessions.
Tata Consultancy Services closed at ₹2,497, down 1.5%, with futures open interest up 11.1%, also indicating short build-up. Its ₹2,500 call and put open-interest walls and ₹2,500 max pain mark the near-term derivatives pivot. Wipro closed at ₹187, down 1.2%, as futures open interest increased 13.7%; both option walls were at ₹190 and max pain was ₹190.
Traders will watch whether the global AI-capex narrative continues to pull capital towards model developers and semiconductor infrastructure, and whether Indian IT shares hold their recent five-session gains. Anthropic’s offer size, valuation disclosures, lease commitments and evidence of enterprise AI adoption remain the next fundamental markers.
Source: IndiaIPO, 28 Oct 2026; news.google.com, 27 Oct 2026.
Not investment advice. For informational purposes only.