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

Information Technology (IT) stocks advanced up to 5 per cent on Wednesday. On the National Stock Exchange (NSE), Nifty IT gained 3.2 per cent, logging an intra-day high at 31,661.15. 

At 10:50 AM, all 10 stocks on the index were trading higher. Individually, Oracle Financial Services Software rallied 4.4 per cent, followed by TCS, Wipro, Persistent Systems, Infosys, Mphasis and LTIMindtree up over 2 per cent. Similarly, Coforge, Tech Mahindra, and HCLTech gained over 1 per cent. In comparison, NSE Nifty50 was up 1.53 per cent at 24,207.40.

Key reasons that led to buying in IT stocks

Positive market sentiment: 

Indian equity benchmark indices Sensex and Nifty witnessed a sharp rebound amid optimism over the resumption of the US-Iran peace talks. The BSE Sensex recorded a day’s high at 78,270.42, up 1,422.85 points or 1.85 per cent, and NSE Nifty50 gained 438.25 points or 1.8 per cent to an intra-day high at 24,280.9. 

 

 

Talks to end the war between the US, Israel, and Iran could resume in Pakistan over the ​next two days, US President Donald Trump said on Tuesday, after the collapse of negotiations over the weekend prompted ​Washington to impose a blockade on Iranian ports.   READ | Bulls are back: Sensex adds 1400 pts intraday; Nifty at 24,200; key reasons

Rise in ADRs

According to data compiled by Bloomberg, the American Depositary Receipts (ADRs) of Wipro and Infosys rose 3.23 per cent and 5.12 per cent, respectively, after overall optimism on Wall Street, driven by easing concerns about artificial intelligence (AI) disruption and hopes surrounding fresh Iran-US peace talks.

 

On Tuesday, the S&P 500 rose 1.18 per cent, the Nasdaq Composite gained 1.96 per cent, while the Dow Jones advanced 0.66 per cent.  That apart, IT major Wipro is scheduled to release its January to March (Q4FY26) results on Thursday, April 16, 2026. Ahead of the result, analysts expect Wipro’s net profit to come in at an average of ₹3,438.9 crore, from ₹3,357.47 crore in Q3FY26, up 2.4 per cent.  READ | Metal stocks rally as US-Iran talk hopes lift sentiment; Hind Copper up 6% 

The company’s revenue for the quarter is expected to rise around 7 per cent Y-o-Y to ₹24,610.63 crore, on average, from ₹23,058.88 crore a year ago. On a quarter-on-quarter (Q-o-Q) basis, revenue is likely to grow 4 per cent from ₹23,586.55 crore in Q3FY26.

 

That apart, Wipro has signed a definitive agreement, through its subsidiaries, to acquire select customer contracts of Alpha Net Consulting LLC and its subsidiaries for up to $70.8 million in cash. 

Technical view 

"The Nifty IT Index is showing early signs of a change in character, with price stabilizing after a prolonged downtrend and reclaiming short-term moving averages. The formation of higher lows near the 30,000 zone, coupled with improving RSI and rising volumes, accumulation at lower levels," said Virat Jagad, sr. technical research analyst, Bonanza. 

He added: The index is now approaching a key resistance near 31,800–32,000. From a stock-specific perspective, Oracle Financial Services has witnessed a strong breakout from its base formation with volume expansion, indicating momentum continuation. L&T Technology Services (LTIM) is rebounding from demand zones and attempting to reverse its downtrend, suggesting a potential pullback rally. Buy on dips remains the preferred approach, with focus on quality IT names. A sustained breakout above 32,000 on the index could trigger a broader sectoral upside, while 30,500 acts as immediate support. 

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