New Delhi, Oct. 22 -- Domestic technology stocks have staged a strong turnaround in October after suffering heavy losses, as better-than-expected September-quarter performance, attractive valuations, and fears of a global AI slowdown have prompted investors to turn their attention back to software stocks, making the Nifty IT index a standout performer.

TCS was among the top performers in the pack, surging 22% in October, followed by Tech Mahindra and Wipro, with each surging 20%. Mphasis was next on the list with a 16% rally. Infosys gained 16%, while HCL Technologies advanced 15.5%.

The rally follows a global selloff in software stocks earlier this year, as some investors feared that AI could disrupt their business models. Slowing reve...