Wipro shares surged nearly 5% on Thursday, leading a broad rally in information technology stocks after the company announced an expanded artificial intelligence partnership with US-based software firm ServiceNow.
The stock gained as much as 4.76% during the day to Rs 211.20, while its American Depositary Receipts (ADRs) listed in the US had jumped more than 18% overnight.
Wipro’s ADRs rallied 18.54% to close at $2.43 on the New York Stock Exchange after surging as much as 21% during the session, marking their biggest single-day gain since October 2008. The sharp move came after the Bengaluru-based IT services company unveiled an expanded collaboration with ServiceNow focused on deploying agentic AI workflows across enterprise operations.
Under the expanded partnership, Wipro will integrate Wipro Intelligence, its suite of AI-powered platforms and solutions, with the ServiceNow AI Platform. The companies aim to help businesses automate and streamline processes across key functions including IT, human resources, procurement and cybersecurity.
Wipro said the partnership would help organisations reduce procurement bottlenecks, improve service quality and issue resolution in telecom operations, and strengthen cybersecurity response systems through AI-driven workflows.
The rally in Wipro quickly spread across the broader IT sector. Infosys jumped 3.80%, Tata Consultancy Services gained 1.70%, HCL Technologies rose 1.46%, and Tech Mahindra advanced 0.91%. The Nifty IT index climbed more than 2%, making it one of the top-performing sectoral indices of the day.
The strong gains in IT heavyweights also helped support the broader market. At a time when several banking, industrial and consumer stocks were trading in the red, buying in Infosys, TCS, HCL Technologies, Tech Mahindra and Wipro helped keep benchmark indices in positive territory.
Apart from the AI partnership, investor sentiment has also been supported by Wipro’s upcoming share buyback. In April, the company’s board approved a Rs 15,000 crore buyback at Rs 250 per share. Wipro plans to repurchase up to 60 crore equity shares, representing more than 5% of its equity capital. The record date for the buyback has been fixed as June 5.
With a sharp ADR rally, fresh optimism around AI-led growth opportunities and continued interest ahead of the buyback, Wipro has emerged as one of the best-performing large-cap IT stocks in recent sessions.