Mphasis, TCS, HCLTech, Wipro: Why did Nifty IT rise 3% in trade today?

Individually, Mphasis shares were up 3.15 per cent, followed by Infosys, Tech Mahindra, Persistent Systems, HCLTech, Oracle Financial Services Software, and LTIMindtree up over 2 per cent.

Nifty IT index advanced as much as 2.5 per cent in trade on Tuesday. All 10 constituents on the index were trading higher. At 12:15 PM, individually on the National Stock Exchange (NSE), Mphasis shares were up 3.15 per cent, followed by Infosys, Tech Mahindra, Persistent Systems, HCLTech, Oracle Financial Services Software, and LTIMindtree up over 2 per cent. Similarly, TCS, Wipro, and Coforge gained over 1 per cent. In comparison, NSE Nifty50 was up 1.21 per cent at 22,785.5. 

The buying of information technology (IT) stocks came amid depreciation in the rupee and overall positive market sentiment. The Indian rupee in the afternoon trade was seen holding 93.88 levels against the US dollar. On Monday, the domestic currency had hit a fresh record low of 93.94 versus the greenback on March 23, 2026, extending its year-to-date (Y-T-D) depreciation to 3.6 per cent. 

 

“Sustained elevated crude levels are likely to push inflation higher, which in turn may impact growth projections negatively, adding further pressure on the rupee. The macro backdrop remains fragile, and currency weakness is expected to persist as long as geopolitical tensions and energy prices remain elevated. In the near term, the rupee is expected to trade within a weak range of 93.25–94.25,” said Jateen Trivedi, VP research analyst - commodity and currency, LKP Securities. 

Meanwhile, overall market sentiments were positive after US President Donald Trump, in a post on Truth Social, said that America and Iran had held “very good and productive conversations regarding a complete and total resolution of our hostilities in West Asia.”   READ | Iran war impact: Consumer durables, plywood, pipes stocks slide up to 21% 

The announcement also brought the crude oil prices down. Brent futures fell $12.25, or 10.9 per cent, ‌to settle at $99.94 a barrel on Monday. However, the prices rose to $102 per barrel after Iranian state media said no direct talks had taken place between the two countries. 

Hours after US President Donald Trump announced a pause on attacks targeting Iran’s power infrastructure, strikes were reported at energy facilities in the cities of Isfahan and Khorramshahr, according to Iran’s Fars News Agency. 

The report said a gas administration building and a gas pressure reduction station on Kaveh Street in northern Isfahan were hit on Tuesday, damaging parts of the facility and several nearby homes. In Khorramshahr, a projectile struck an area outside a gas pipeline station, a district official said. 

DSP Mutual Fund, in its recent report, noted that Indian IT companies have been among the most neglected segments in this market cycle. The key reasons are weaker growth and limited visibility, along with the absence of the “AI froth” that has boosted global tech valuations.  READ | Tech analyst backs these 3 stocks even as mining, sugar face cost pressure 

It added: This is not the first time such skepticism has emerged. A similar phase played out in 2016–2017, when clients shifted from traditional outsourcing to digital and cloud. Investors worried about disruption, and margins and growth did weaken. But Indian IT firms adopted these technologies, tweaked delivery models, and returned to a steadier growth path. 

Even after the recent de-rating, the sector still shows solid return on equities (ROEs), disciplined capital allocation, and reasonable valuations, making it relatively attractive versus the broader market. Some further price fall can make this sector attractive on an absolute basis. Till such times, a systematic investing approach seems logical.

 

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