Nifty IT rallies over 2% in weak market: What’s fuelling a rally in LTIMindtree, Wipro and other IT stocks?

IT sector stocks like Coforge, LTIMindtree, Mphasis, Wipro and Persistent Systems are among other shares which are rising during the intraday session on Thursday, April 2, 2026, likely due to value buying from investors ahead of the upcoming earnings season for the January to March quarter results for the fiscal year ended 2025-26.

Nifty IT index surged 2.3% to its intraday high level of 30,356.80 points on Thursday, compared to 29,669.05 points at the previous stock market close, according to NSE data. The index was surging in an overall weak market, where the benchmark indices were witnessing pressure from weak global cues.

As of 2:29 pm, the NIFTY50 was down 0.04%, trading at 22,670.45 points, compared to 22,679.40 points at the previous trading session, according to the NSE data. While the BSE SENSEX was flat at 73,134.21 points, compared to 72,134.32 points in the previous market session.

The benchmark indices recovered throughout the trading session, which started with the markets opening in red as US President Donald Trump’s national address dulled all hopes for a possible de-escalation in the West Asia conflict over the upcoming weeks.

Why are IT stocks rallying today?

The IT stocks were rallying during Thursday’s market session as the focus of the investors now shifted from the hopes of a possible de-escalation to the Q4 results season, which will startoff by IT sector results announcement beginning with TCS and Infosys next week.

Apart from the individual developments in the top IT sector companies, the overall sentiment of the market was also fuelled by the higher rate of the US dollar in the market, despite the Indian rupee holding its ground at the 93 level against the greenback.

IT companies which exports its services to foreign nations highly depend on the rate of the US dollar in the global market in order to receive payments in the benchmark currency. On April 2, the US dollar rates witnessed a sharp surge as Trump threatened Iran with more attacks in the next three weeks as the Western nation plans to wrap up the conflict.

The Bloomberg US dollar spot index showed that the greenback was trading 0.47% higher at 100.116 as of 4:30 am (EDT) on April 2, compared to 99.651 at the previous currency market close.

IT stocks in focus

Coforge shares closed 4.64% higher at ₹1,207.40 after Thursday’s stock market session, compared to ₹1,153.90 at the previous market session, according to exchange data.

Shares of LTIMindtree closed 4.33% higher at ₹4,285 after the market session on April 2, compared to ₹4,107 at the previous market close, as per NSE data.

Persistent shares closed 3.5% higher at ₹5,225.90 after Thursday’s market session, compared to ₹5,049.10 at the previous market session. The company will hold an investor call on April 21 after the Q4 results announcement.

Mphasis stock closed 3.04% higher at ₹2,201.50 after the market session on April 2, compared to ₹2,136.60 at the previous market session. The company recently completed one year of collaboration with Flagstar Bank to establish a next-generation data centre cloud platform and to modernise the critical technology infrastructure for the US bank.

TCS shares closed 1.56% lower at ₹2,445.70 after the market session on April 2, compared to ₹2,408.20 at the previous market close. The company will hold its earnings call after its results announcement next week, after market hours on April 9, 2026.

Infosys stock price closed 1.71% higher at ₹1,297.50 after Thursday’s stock market session, compared to ₹1,275.70 at the previous market session. The company is set to announce its January to March quarter results for the financial year ending 2025-26 next week, and on March 31, the company announced that it expects a cumulative tax refund of ₹1,745 crore in this quarter.

Shares of Wipro closed 1.89% higher at ₹194.80 after Thursday’s market session, compared to ₹191.18 at the previous market session, according to NSE data.

HCL Tech shares closed 3% higher at ₹1,395 after Thursday’s market session, compared to ₹1,354.40 at the previous market close, according to the NSE website.