Nifty IT Index Surges Over 2.3% to 29,450; OFSS and Infosys Lead Broad-Based Rally as Brokerages Eye Currency Tailwinds

India's IT index surged over 2.3% in morning trade on Monday, July 27, 2026, outperforming broader markets as aggressive institutional buying across major tech counters, led by Oracle Financial Services Software (OFSS) and Infosys, pushed the benchmark to fresh intraday highs.

The Nifty IT index jumped 688.60 points, or 2.39%, to trade at 29,456.55 at 11:09 AM IST, after opening at 29,181.70 and touching an intraday high of 29,523.15.

The sector's upward momentum built on Friday's resilience, fueled by renewed institutional demand, currency tailwinds, and strong futures rollover activity following the latest round of Q1 corporate earnings disclosures.

Heavyweights & Mid-Caps Drive Broad Gains

Oracle Financial Services Software (OFSS) anchored the gainers' list, rising 3.69% to ₹11,045.00. Infosys, India's second-largest IT exporter, trailed closely behind, gaining 3.37% to ₹1,076.00 as investors absorbed its earnings outlook and absorbed post-results dips.

Mid-cap and large-cap IT counters saw consistent buying across the board:

• Coforge: Up 2.55% to ₹1,522.50
• HCLTech: Up 2.28% to ₹1,300.00
• LTIMindtree: Up 2.08% to ₹4,177.10
• Persistent Systems: Up 2.04% to ₹5,288.20
• Tech Mahindra: Up 1.96% to ₹1,590.10
• Tata Consultancy Services (TCS): Up 1.88% to ₹2,296.60
• Mphasis: Up 1.87% to ₹2,330.80
• Wipro: Up 0.82% to ₹176.55

Brokerages Weigh

Brokerages have noted that post-earnings relief and technical setups are aligning in favor of tech bulls. Axis Direct maintained a 'Hold' on Infosys with a price target of ₹1,140, while Anand Rathi issued a target of ₹1,270.

Market analysts at Univest noted that August futures open interest surged over 54% in TCS and 65% in Infosys, demonstrating trader conviction in carrying positions into the new series. Additionally, a weaker rupee trading near 96.66 per dollar continues to directly pad export margins for Indian software service providers.

Dollar-earning IT exporters serve as a vital defensive hedge for portfolios amid macroeconomic shifts. With overall market sentiment stabilizing alongside a drop in global crude oil prices, IT equities have taken charge as key market leaders, supported by healthy deal pipelines and robust execution strategies.

Also read: China’s Chip Giant Surges 470%: What’s Driving CXMT’s Historic IPO?