Infosys, TCS, Wipro, HCL Tech: IT stocks lead Nifty gainers; factors fueling the rally
Infosys (4.20%), TCS (2%), HCL Technologies (1.92%) and Tech Mahindra (1.40%) shares were the top Sensex gainers today.
- May 29, 2026,
- Updated May 29, 2026 10:24 AM IST
IT stocks such as Infosys, TCS, HCL Technologies, Wipro and Tech Mahindra led the gains on Nifty today as optimism rose among investors about the US and Iran inking a deal to end the conflict and reopen the Strait of Hormuz. This led to brent crude prices falling below the $92 per barrel mark today. The US market closed at record high on buzz of deal hopes.
The S&P 500 and Nasdaq Composite ended at record levels on Thursday amid a tech stocks led rally. S&P 500 gained 0.58% to 7,563.63, and the Nasdaq Composite rose 0.91% to 26,917.47. Both indexes also hit their all-time highs intra day. The Dow Jones Industrial Average ended higher by 0.05% at 50,668.97. Tech stocks rose on Thursday, after a strong earnings outlook from Snowflake, which revived enthusiasm around the AI trade.
The rally in the US market spilled on to the Indian bourses today.
Sentiment in the IT stocks turned buoyant since the US accounts for a significant portion of India's total IT and software services exports. According to some estimates, US share can be as high as 70% of India's total IT export revenue. India's overall exports to the US, including non-IT sectors, are a smaller fraction compared to the IT sector.
Meanwhile, Infosys (4.20%), TCS (2%), HCL Technologies (1.92%) and Tech Mahindra (1.40%) shares were the top Sensex gainers today.
Another trigger for the IT stocks rally was Wipro stock rising 5% in early deals today. The rally in the IT stock came after announcement of an expansion of partnership with ServiceNow focused on deploying agentic AI workflows across enterprise functions including IT, human resources, procurement and cybersecurity. Overnight, Wipro ADRs rallied 18.54% to $2.43 on the NYSE. Infosys' ADRs also rose 2.5% to $12.70 on NYSE, following a rise in Wipro ADRs.
The BSE IT index zoomed 783 pts to 28,828 in early deals with IT stocks rising the most on a sectoral basis.
On similar lines, Nifty IT index rose 841 pts to 29,747. Despite today's rally, BSE IT index and Nifty IT index are down 22% each in 2026.
Meanwhile, Sensex jumped 178 points to 76,046 and Nifty advanced 27 points, to 23,939 on the back of positive investor sentiment.
IT stocks such as Infosys, TCS, HCL Technologies, Wipro and Tech Mahindra led the gains on Nifty today as optimism rose among investors about the US and Iran inking a deal to end the conflict and reopen the Strait of Hormuz. This led to brent crude prices falling below the $92 per barrel mark today. The US market closed at record high on buzz of deal hopes.
The S&P 500 and Nasdaq Composite ended at record levels on Thursday amid a tech stocks led rally. S&P 500 gained 0.58% to 7,563.63, and the Nasdaq Composite rose 0.91% to 26,917.47. Both indexes also hit their all-time highs intra day. The Dow Jones Industrial Average ended higher by 0.05% at 50,668.97. Tech stocks rose on Thursday, after a strong earnings outlook from Snowflake, which revived enthusiasm around the AI trade.
The rally in the US market spilled on to the Indian bourses today.
Sentiment in the IT stocks turned buoyant since the US accounts for a significant portion of India's total IT and software services exports. According to some estimates, US share can be as high as 70% of India's total IT export revenue. India's overall exports to the US, including non-IT sectors, are a smaller fraction compared to the IT sector.
Meanwhile, Infosys (4.20%), TCS (2%), HCL Technologies (1.92%) and Tech Mahindra (1.40%) shares were the top Sensex gainers today.
Another trigger for the IT stocks rally was Wipro stock rising 5% in early deals today. The rally in the IT stock came after announcement of an expansion of partnership with ServiceNow focused on deploying agentic AI workflows across enterprise functions including IT, human resources, procurement and cybersecurity. Overnight, Wipro ADRs rallied 18.54% to $2.43 on the NYSE. Infosys' ADRs also rose 2.5% to $12.70 on NYSE, following a rise in Wipro ADRs.
The BSE IT index zoomed 783 pts to 28,828 in early deals with IT stocks rising the most on a sectoral basis.
On similar lines, Nifty IT index rose 841 pts to 29,747. Despite today's rally, BSE IT index and Nifty IT index are down 22% each in 2026.
Meanwhile, Sensex jumped 178 points to 76,046 and Nifty advanced 27 points, to 23,939 on the back of positive investor sentiment.