IT stocks rally despite sharp fall in global tech giants; Nifty IT tops 270 pts; TCS climbs 2%, peers Infosys, Wipro gain

Indian IT stocks surpassed a global bearish tone in US tech giants and were trading on a higher note on Tuesday. The stock also emerged among top gainers on exchanges led by broad-based buying, especially in heavyweights TCS, Infosys and Wipro. Nifty IT index has outperformed benchmark Nifty 50.

At around 11.32 am, Nifty IT was trading at 25,040.25 up 273.80 points or 1.11%. The index has touched an intraday high of 25,199.60 in early deals.

Meanwhile, Nifty 50 traded at 14,768.85 higher by 93.15 points or 0.63%.

On the index, Mphasis was the top gainer in percentage terms soaring by 3.22%. The stock has also touched an intraday high of Rs1,787.80 per piece.

Heavyweight TCS was in the fast lane surging by 2%. Meanwhile, peers Infosys and Wipro contributed by climbing around 1% each. Coforge and Naukri.com surged over 1% each.

Stocks like Mindtree and Tech Mahindra gained marginally, while HCL Tech traded on a flat note.

L&T Infotech was the only underperformer, down by 0.4%.

On the global front, US technology stocks tumbled sharply overnight as rising inflation expectations and long-term interest rates undercut took a toll on investors sentiments.

Nasdaq Composite Index which is home to the majority of technology stocks, settled at 13,533.05 down by 341.42 points or 2.46% on Monday. Faang stocks involving Facebook, Amazon, Apple, Netflix and Google parent Alphabet all recorded sharp fall.

Apple slumped 3%, while Amazon and Alphabet tumbled around 2% each. Netflix slipped by 1.2%, while Facebook dived 0.5%.