Business · India Bureau
Indian IT stocks extend rally as Infosys, Coforge surge ahead
The Nifty IT index climbed 2% in early trading on Tuesday, extending gains from the previous session as major technology stocks rallied across the board. Coforge and Infosys led the advance with respective gains of over 3% and 2%.
LSN India ·
All constituents of the Nifty IT pack moved into positive territory during early morning trade, signalling broad-based strength in India's technology sector. Coforge emerged as the top performer, surging over 3%, while Infosys advanced more than 2%, reflecting investor appetite for quality IT services providers.
The broader Nifty IT index itself gained 2% at the opening bell, building on momentum from the previous trading session. The back-to-back gains underscored renewed confidence in India's IT services firms, which have faced headwinds from global economic uncertainties in recent months.
The technology sector's outperformance came as domestic and foreign institutional investors reassessed valuations in the IT space. Analysts have noted that several large-cap IT companies are trading at attractive multiples following earlier corrections, potentially attracting fresh buying interest.
The rally reflected broader trends in global technology stocks as well as optimism around India's digital infrastructure growth and the continued demand for IT services from multinational corporations. Market participants will be watching for further momentum in coming sessions as earnings season approaches.