Indian IT sector, which earns a significant portion of its revenue from exports to the US, saw buying interest ahead of the reciprocal tariff announcement by US President Donald Trump
Nifty IT index gained 1.07 percent in intraday trade, rebounding after two sessions of losses in which it had declined by 4.21 percent.
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Shares of IT companies, including Tech Mahindra, Infosys and Wipro rose up to 2 percent on Wednesday ahead of US government’s plan to impose reciprocal tariffs on global trading partners.
The Nifty IT index gained 1.07 percent in intraday trade, rebounding after two sessions of losses in which it had declined by 4.21 percent.
Eight of the ten index constituents traded in the green, with HCL Technologies and Coforge being the only laggards.
Tech Mahindra led the gains, rising 2.21 percent to an intraday high of Rs 1,426.05 per share on the NSE. The stock bounced back after two consecutive days of decline.
Infosys and Wipro followed closely, gaining 1.9 percent and 1.12 percent, respectively. Persistent Systems was up 1.64 percent at Rs 5,297.25 per share.
US President Donald Trump is set to announce sweeping reciprocal tariffs on April 2, triggering concerns about possible retaliatory actions from other nations.
However, the Indian IT sector, which earns a significant portion of its revenue from exports to the US, saw buying interest ahead of the announcement.
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Global brokerage JPMorgan, in its latest note, stated that it prefers Coforge, Infosys, KPIT Technologies, and Tech Mahindra while maintaining a cautious stance on Tata Consultancy Services (TCS), Wipro, HCL Technologies, Tata Technologies, and Tata Elxsi for the quarter.
The Nifty IT index has fallen 14 percent year-to-date, indicating that much of the sector’s downside may have already been factored in.
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