Indian IT Index Surges 2%, Breaking Four-Day Losing Streak Amid Gains in Persistent Systems, OFSS and Other Stocks

IT Shares Rebound After Four Sessions of Losses

The Indian IT sector experienced a significant rebound on Friday, with the Nifty IT index rising more than 2 percent on value buying. This marked a welcome respite for the sector, which had been in decline for the previous four sessions.

The Nifty IT index was the top sectoral gainer during the session, climbing 2.75 percent intraday to 28,114.10. All 10 constituents of the index were trading in the green, with Persistent Systems gaining more than 3 percent. Infosys and Tech Mahindra advanced 2.79 percent and 2.31 percent, respectively.

Other notable performers in the sector included Tata Consultancy Services, LTIMindtree, Wipro, and HCL Technologies, which rose between 1 percent and 2 percent.

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The rebound in the Nifty IT index comes after it had fallen over 7 percent in the previous four sessions. The index had slipped 0.22 percent on Monday, while the sharp correction began on Tuesday, when it dropped 3.7 percent to its lowest level since May 2023.

The decline in the sector was attributed to concerns that AI-led companies could automate and deploy technology solutions more efficiently, following the announcement by OpenAI of a new venture backed by over USD 4 billion to help organisations build and deploy artificial intelligence solutions.

Note: The table above highlights the previous session's loss and the rebound for each company. The exact percentage of the rebound may vary slightly depending on the specific date and time of the session.

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