Inside the Nifty IT Surge: What's Suddenly Driving LTIMindtree and Infosys to Fresh Highs?
Nifty IT index surged by 724.70 points, or 2.51%, to reach 29,631.40 during Friday morning trade. The market witnessed broad-based buying across major technology stocks, led by sharp gains in LTIMindtree, Coforge, and Infosys. Out of the 10 index constituents, nine traded in the green, signaling a robust trend reversal for the IT sector amid strong trading volumes.
- Republic Business
- 2 min read
India's benchmark technology index surged more than 2.5% in morning trade on Friday. Heavy institutional buying and strong global cues triggered a massive short-covering rally across major IT stocks.
The Nifty IT index opened strong at 29,347.50 and quickly scaled an intra-day high of 29,747.20. By 11:33 AM IST, the index traded at 29,631.40, up 724.70 points or 2.51%. Data showed massive volume accumulation in mid-cap and large-cap tech companies during the first two hours of trade.
Tech Majors Drive Momentum
Large-cap IT stocks led the charge and provided heavy structural support to the benchmark Nifty 50. IT bellwether Infosys (INFY) climbed 3.66% to trade at 1,202.30. Tata Consultancy Services (TCS) also maintained positive territory, rising 0.90% to trade at 2,304.70.
The sudden interest in top-tier tech firms could stem from attractive valuations. Investors are rotating capital back into defensive sectors after recent market volatility.
Mid-Cap IT Outperforms
While large-caps provided stability, mid-cap technology firms stole the spotlight with aggressive gains. LTIMindtree (LTM) emerged as the top index gainer, surging 3.79% to reach 4,139.90. Coforge closely followed, rallying 3.73% to sit at 1,440.20.
Persistent Systems and Mphasis also logged significant gains, rising 3.40% and 2.65%, respectively. Tech Mahindra and Wipro added more than 1.5% each to the fast-moving rally.
The market breadth remained skewed in favor of the bulls. Nine out of the ten stocks listed on the Nifty IT index recorded positive moves. Oracle Financial Services Software (OFSS) was the lone outlier in the index. The stock bucked the sectoral trend, dropping 0.91% to trade at 10,205.50 during the mid-morning session. Despite this marginal drag, the overall sectoral sentiment remains heavily bullish as the market moves into the final hours of the weekly closing.
Why IT Stocks Are Rallying
This aggressive buying can be attributed to a combination of attractive sector valuations and a sudden shift in global investor sentiment. After weeks of steady correction, Indian IT stocks entered a highly oversold zone, triggering strong institutional value-buying at lower levels. Additionally, positive cues from overnight tech gains on Wall Street and stabilizing macroeconomic data have eased investor fears regarding client spending slowdowns in Western markets. This optimism has sparked a heavy short-covering rally, driving rapid capital rotation back into high-quality defensive tech plays.
Published By : Shourya Jha
Published On: 29 May 2026 at 11:42 IST