The Nifty IT index climbed 614.45 points, or 2.04 per cent, to 30,785.45 on Thursday afternoon. Tech Mahindra led the gains, rising 3.83 per cent as investors watched for quarterly results. Wipro also rose 1.39 per cent ahead of its earnings report. Many other IT stocks followed, helping the sector lead market gains.
The Nifty IT index climbed 614.45 points, or 2.04 per cent, to 30,785.45 on Thursday afternoon, making it the top-performing sectoral index on the NSE while the broader market remained under pressure. The index hit an intraday high of 31,038.15 before pulling back, with eight of its ten constituents trading in the green.
Tech Mahindra led the pack, rising 3.83 per cent to ₹1,635.50 with traded volumes of 61.48 lakh shares worth ₹999.65 crore, a figure traders are watching closely as the company is set to announce its quarterly results later today. Wipro, the other result-day stock, added 1.39 per cent to ₹173.29, also due to report earnings after market hours.
HCL Technologies followed with a gain of 3.01 per cent to ₹1,366.90, while TCS rose 2.44 per cent to ₹2,361.10 and Infosys advanced 2.25 per cent to ₹1,112.45. L&T Technology Services gained 1.84 per cent to ₹4,304.00. Mphasis and Coforge added 0.80 per cent and 0.36 per cent, ending at ₹2,454.70 and ₹1,934.90 respectively.
On the downside, Persistent Systems slipped 0.31 per cent to ₹5,880.00, while Oracle Financial Services fell the sharpest among the index constituents, declining 1.80 per cent to ₹10,232.00.
The sector’s total traded value stood at ₹5,902.66 crore on a volume of 402.14 lakh shares. The index’s full market capitalisation stood at ₹11.53 lakh crore. At current levels, the index trades at a price-to-earnings multiple of 18.72 and a price-to-book of 5.28. The 52-week range stretches from a low of 25,699.10 to a high of 40,301.40, underlining how far the index remains from its peak despite the recent recovery — it is still down 19.36 per cent year-to-date and 13.05 per cent over the past year.
The IT sector’s outperformance came even as the broader market faced headwinds. The Nifty 50 had declined 99 points, or 0.44 per cent, to 22,623 on Wednesday after a hotter-than-expected US core inflation print reignited Federal Reserve rate-hike concerns. The Nasdaq tumbled 1.9 per cent overnight, and Asian markets extended losses on Thursday, with Japan’s Nikkei falling 4.5 per cent and South Korea’s Kospi dropping 7 per cent, triggering a sidecar circuit breaker in Seoul. Brent crude held near $105 a barrel.
On the domestic front, GIFT Nifty at 22,648 signalled a softer opening for the benchmark. Technical levels to watch remain 22,500 on the downside as key support and 22,800 as near-term resistance.
A firmer rupee and recovery in IT stocks offered the market pockets of support on Thursday, though persistent FII outflows, geopolitical uncertainty, and crude oil volatility continue to limit the broader recovery.