Market News
LTIMindtree, Infosys, Persistent Systems: IT stocks rally in trade, NIFTY IT index advances 1.3%; key things to know
.png)
4 min read | Updated on May 29, 2025, 11:17 IST
SUMMARY
Stock Market Live: A three-judge bench of the US Court of International Trade pronounced that the International Emergency Economic Powers Act (IEEPA), a law which Trump used to invoke tariffs, does not give him the power to impose sweeping duties.
Stock list
The NIFTY IT index rallied as much as 1.39% in the opening deals. | Image: Shutterstock
A federal court on Wednesday invalidated US President Donald Trump's reciprocal tariff scheme, stating that the move exceeds POTUS' authority.
A three-judge bench of the US Court of International Trade pronounced that the International Emergency Economic Powers Act (IEEPA), a law which Trump used to invoke tariffs, does not give him power to impose sweeping duties, CNBC reported.
In their ruling, the bench wrote, "The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs. The Trafficking Tariffs fail because they do not deal with the threats set forth in those orders."
The action came after several lawsuits claimed that Trump exceeded his authority in imposing tariffs.
The executive orders in which Trump declared duties on nations “are declared to be invalid as contrary to law”, the court ruled.
Secondly, investor sentiment got a boost after Nvidia reported better-than-expected earnings and revenue on Wednesday, as the company’s booming data center business recorded year-over-year growth of 73%.
The stock rose about 6% in extended trading.
How IT stocks are faring
Indian IT services stocks were trading with notable gains. The NIFTY IT index rallied as much as 1.39% in the opening deals, with all the 10 constituents trading in the green.
Last seen, the index was trading 1% higher at 37,832 levels. The top gainers on the index were LTIMindtree (up 2.70% at ₹5,237.10), Persistent Systems (up 1.54%), Infosys (up 1.35% at ₹1,593), and Coforge (up 0.9% at ₹8,542.50).
The last on the list was Oracle Financial Services Software (OFSS), which was up 0.23% at ₹8,536 on the BSE.
The NIFTY IT index provides investors and market intermediaries with an appropriate benchmark that captures the performance of the IT segment of the market in India.
| Symbol | Open | High | Low | Prev. Close | LTP | Indicative Close | CHNG | %CHNG |
|---|---|---|---|---|---|---|---|---|
| NIFTY IT | 37,762.15 | 38,121.40 | 37,705.40 | 37,465.75 | 37,832.00 | - | 366.25 | 0.98% |
| LTIM | 5,149.90 | 5,276.80 | 5,145.00 | 5,099.30 | 5,237.10 | - | 137.80 | 2.70% |
| PERSISTENT | 5,645.00 | 5,725.00 | 5,628.00 | 5,584.00 | 5,672.50 | - | 88.50 | 1.58% |
| INFY | 1,589.00 | 1,608.90 | 1,588.00 | 1,571.80 | 1,593.60 | - | 21.80 | 1.39% |
| COFORGE | 8,544.00 | 8,635.00 | 8,515.50 | 8,467.00 | 8,548.50 | - | 81.50 | 0.96% |
| MPHASIS | 2,560.00 | 2,586.20 | 2,544.00 | 2,531.50 | 2,554.50 | - | 23.00 | 0.91% |
| TECHM | 1,592.10 | 1,604.90 | 1,584.60 | 1,580.30 | 1,593.00 | - | 12.70 | 0.80% |
| WIPRO | 249.65 | 251.74 | 248.10 | 247.43 | 249.32 | - | 1.89 | 0.76% |
| TCS | 3,504.70 | 3,532.50 | 3,504.70 | 3,497.70 | 3,518.00 | - | 20.30 | 0.58% |
| HCLTECH | 1,670.00 | 1,675.50 | 1,657.30 | 1,657.30 | 1,665.70 | - | 8.40 | 0.51% |
| OFSS | 8,600.00 | 8,661.00 | 8,505.00 | 8,516.00 | 8,536.50 | - | 20.50 | 0.24% |
About The Author
