Nifty IT surges 2.2% as IT stocks buck market-wide selloff
Wipro rose 3.3% to ₹188.15, followed by Infosys up 2.88% to ₹1,163.30 and Mphasis up 2.65% to ₹2,566.30
India's IT index, Nifty IT, experienced a significant surge of 2.21% to 32,211.35 points on Wednesday, outshining the rest of the domestic market which was largely in turmoil. The index commenced trading at 31,910.25, reached a peak of 32,348.25 intraday, and maintained most of its gains throughout the day. A total of 690.75 lakh shares were traded, resulting in a total value of ₹7,113.96 crore. The index's market capitalization stood at ₹12.07 lakh crore.
Wipro led the charge with a 3.30% gain to ₹188.15, followed by Infosys up 2.88% at ₹1,163.30, and Mphasis rising 2.65% to ₹2,566.30. Persistent Systems added 2.41%, Tech Mahindra 2.36%, and TCS gained 1.97% to ₹2,509.50. OFSS was the only stock to decline, slipping 0.14%. Nine out of ten constituents advanced, while the broader market painted a contrasting picture.
The Nifty Midcap 100 fell by 1.7%, and the Nifty Smallcap 100 declined by 2.4%. Sectoral indices also traded in the red, with Nifty Auto being the worst performer. Despite Wednesday's sharp rally, Nifty IT remains down 15.62% year-to-date and off 8.76% over one year, with its 52-week range ranging from 25,699.10 to 40,301.40.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
