Indian IT stocks rallied in early trade on Wednesday, recouping some of the heavy losses from previous session, following a rally in global technology stocks. The Nifty IT index gained over 2.8%, emerging the top-performing sector on the NSE.
The gains in IT stocks came amid a rally in the Indian stock market, with the benchmarks Sensex and rising over half a percent each. Both the indices witnessed a severe crash on Tuesday as artificial intelligence (AI)-led disruption spooked investor sentiment globally.
Mphasis, , , HCL Technologies and (TCS) were the top gainers on the Nifty IT index. All the index constituents rose in the range of 2%-4%.
Indian IT stocks surged following an overnight rally in software and technology stocks on Wall Street. The Nasdaq Composite index ended 236.41 points, or 1.05%, higher at 22,863.68 on Tuesday.
US Tech Stocks Rally
US tech stocks, which had been under pressure since Anthropic launched new earlier this month, saw a relief rally overnight. The rebound came after Anthropic announced partnerships with several SaaS companies, including Salesforce.
The move signaled that Anthropic plans to work alongside software providers rather than disrupt or replace them — easing one of the main concerns that had triggered the recent sell-off in these stocks.
Salesforce stock price jumped 4.1%, Nvidia stock price rose 0.68%, (AMD) share price jumped 8.8%, share price rose 2.24%, Microsoft stock gained 1.18%, Intel shares rallied 5.71%, Amazon stock price advanced 1.60%, and Meta shares inched 0.3% higher. Keysight Technologies share price spiked 23.1%.