IT stocks: Infosys, Tech Mahindra, TCS lead gains on Sensex, Nifty; Nifty IT zooms 1,000 pts

IT shares such as Coforge, Persistent Systems, Infosys, TCS, HCL Technologies, Wipro and Tech Mahindra kept the market in green on Monday on hopes of deal between US and Iran reopening of the Strait of Hormuz. Nifty IT index rose 3.27% or 1001 pts to 30,082 in late morning deals today. 

Coforge (4.18%), Persistent Systems (5.18%), Infosys (4.29%), TCS (4%), HCL Technologies (2%), Wipro (1.5%) and Tech Mahindra (3.43%) were among the top gainers in the IT sector today. 

This the second straight session of gains for the IT stocks. BSE IT index too gained 3.24% or 914 pts to 29,079 in the current session.  

Sentiment toward Indian IT stocks has remained upbeat, largely due to the sector's deep exposure to the US market. The United States is the biggest revenue contributor for India's technology services industry, accounting for an estimated 70% of the country's total IT and software exports.

This significant dependence means that any improvement in the US economic outlook, corporate technology spending, or business confidence tends to have a direct positive impact on Indian IT companies. In contrast, India's overall merchandise and services exports to the US represent a much smaller share when non-IT sectors are taken into account.

As a result, developments in the US economy often carry greater significance for Indian IT firms than for many other export-oriented industries, making the sector particularly sensitive to trends in American enterprise spending and digital transformation investments.

Meanwhile, Infosys, TCS, HCL Technologies, and Tech Mahindra shares were the top Sensex gainers today. 

Wipro shares were also up over a per cent today. The stock rallied 5% on Friday on announcement of an expansion of partnership with ServiceNow focused on deploying agentic AI workflows across enterprise functions including IT, human resources, procurement and cybersecurity. 

Meanwhile, Sensex jumped 155 points to 74,931 and Nifty advanced 43 points to 23,590 on the back of positive investor sentiment.