IT stocks surged in morning trade on Friday, 9 October, driving their sectoral index Nifty IT up by more than 3%, a day after domestic IT bellwether TCS reported better-than-expected September quarter (Q2FY27) results.
Nifty IT jumped over 3% in the morning trade, with TCS leading the charge, surging almost 6%. On Thursday, TCS reported Q2 revenue of ₹73,188 crore, up 11.20% year-on-year (YoY). Consolidated net profit rose by 15% YoY to ₹13,884 crore.
Besides, TCS said it does not expect any impact on its workforce strategy or client engagements due to the US government's move to suspend it and other major IT firms from the employment-based green card programme.
Healthy Q2 results by TCS had a rub-off effect on other IT stocks too. In morning deals on Friday, Infosys, LTM, Wipro, Mphasis, HCL, Oracle, Tech Mahindra, and Coforge all jumped. Around 10:10 am, the Nifty IT index was 3% up with all components in the green.
Nifty IT components jumped between 2-6% in the morning session of trade on Friday. TCS share price surged nearly 6%, clocking the biggest gain in the Nifty IT index.