Nifty IT surges 2.2% as IT stocks buck market-wide selloff

India’s benchmark IT index, Nifty IT, climbed 695 points or 2.21 per cent to 32,211.35 on Wednesday, emerging as the standout gainer in an otherwise bruising session for domestic equities.

The index opened at 31,910.25, touched an intraday high of 32,348.25, and held most of its gains through the afternoon. Trading volume stood at 690.75 lakh shares, with total value changing hands at ₹7,113.96 crore. Market capitalisation of the index stood at ₹12.07 lakh crore.

Wipro led the pack with a 3.30 per cent gain to ₹188.15, followed by Infosys up 2.88 per cent at ₹1,163.30 and Mphasis rising 2.65 per cent to ₹2,566.30. Persistent Systems added 2.41 per cent, Tech Mahindra 2.36 per cent, and TCS gained 1.97 per cent to ₹2,509.50. The sole decliner was OFSS, which slipped 0.14 per cent. Nine of ten constituents advanced.

The broader market told a sharply different story. Nifty Midcap 100 fell 1.7 per cent and Nifty Smallcap 100 dropped 2.4 per cent, while most major sectoral indices traded in the red. Nifty Auto was the worst performer among sectors.

Year-to-date, Nifty IT remains down 15.62 per cent, and is off 8.76 per cent over one year, with the 52-week range spanning 25,699.10 to 40,301.40. Wednesday’s rally, while sharp, leaves the index well below its recent peak.