TCS, HCLTech, Infosys: IT stocks gain up to 4% in trade; Nifty IT rises 3%

Information Technology (IT) stocks bounced back after global tech stocks rallied, shrugging off artificial intelligence (AI)- related fears. Nifty IT index rose 3 per cent to the day’s high at 30,999.75. All 10 stocks on the index were trading positively at 11:07 AM.

 

Individually, HCLTech shares were up 3.57 per cent; Infosys, Tech Mahindra, TCS, and Wipro were trading over 2 per cent higher. Similarly, LTIMindtree, Coforge, Oracle Financial Services Software, Mphasis, and Persistent Systems surged over 1 per cent. 

 

VK Vijayakumar, chief investment strategist, Geojit Investments, believes the negative factor of sustained selling in IT stocks may be over, and there is a possibility of some rebound in the segment. 

“News of Anthropic’s Claude chatbot building partnerships in software and services with IT firms indicates that there will be collaboration opportunities for Indian IT firms. If the weakness in IT stocks subsides and the segment recovers, the tailwind of foreign institutional investor (FII) buying can lift the markets,” said Vijayakumar.

 

 

Reports suggested that Anthropic unveiled 10 new ways for business customers to use its AI plugins, reviving enthusiasm that AI would boost business profitability across certain sectors.