Indian information technology shares extended their recovery on Friday, with the Nifty IT index climbing 2.3% to mark its second consecutive session of gains.
The sector’s momentum was broad-based, led by heavyweights Infosys, Tech Mahindra, and HCL Technologies, which each advanced more than 3%.
The rally follows a sharp 4% intraday jump in the Nifty IT index on Thursday, signaling a potential shift in sentiment after weeks of selling pressure.
Tata Consultancy Services (TCS), Persistent Systems, Mphasis, and LTIMindtree also posted solid gains, contributing to a sustained relief rally for a sector that has endured a prolonged downturn.
The rally follows a sharp 4% intraday jump in the Nifty IT index on Thursday, signaling a potential shift in sentiment after weeks of selling pressure.
Traders appear to be rotating back into technology names, driven by speculation of stabilizing demand and improved macroeconomic conditions.
The broader Indian equity market also participated in the upside, with the BSE Sensex crossing the 77,400 mark and the Nifty 50 adding 150 points in the previous session, fueled by falling crude oil prices and positive global cues.