Nifty IT Top Gainer As Infosys, TCS Shares Lead; Nvidia Quarterly Results Awaited
The Nifty IT index advanced 0.74% to 37,777.5 so far today. It was the lead sectoral index on the National Stock Exchange around open on Wednesday.
The NSE Nifty IT index was the top gaining sector on the National Stock Exchange on Wednesday, taking cues from overnight gains in the US markets. Market participants await first-quarter earnings from Nvidia Corp, scheduled to be released later on Wednesday.
The Nifty IT index advanced 0.74% to 37,777.5 so far today (Wednesday). The index was trading 0.21% higher at 37,580.25 as of 10:03 a.m. as compared to a 0.25% decline in the NSE Nifty 50 index.
Infosys Ltd., Coforge Ltd., and Persistent Systems Ltd. were top contributors to the index. LTIMindtree Ltd. and HCLTech Ltd. limited gains to the Nifty IT index.
US share indices surged Tuesday after a long weekend as tariff tension eased between America and the European Union. US President Donald Trump extended the deadline to July 9 for imposing a 50% tariff on the bloc. European Union President Ursula Von Der Leyen said she needed until July 9 to strike a deal with the US, as reported by Bloomberg.
US markets also gained as consumer confidence in the world's largest economy rebounded sharply from a near five-year low this month. The confidence index rose 12.3 points to 98, marking the biggest gain in four years, Bloomberg reported. This spike in confidence came amid ongoing tariff-related uncertainty.
Indian IT companies conduct most of their business in the US, which makes them vulnerable to changes in the US economy and market sentiments.
Market participants are keenly waiting for Nvidia Corp's earnings for January-March. It's the last of the Magnificent Seven to release first-quarter earnings.
As per Bloomberg estimates, Nvidia Corp will likely report $30.73 billion gross profit January–March. Its net income will likely be $23.17 billion.
Nvidia Corp's guidance will be important for market participants to get cues about what lies ahead for IT companies amid uncertainty over tariff-related developments.
Nvidia Corp's share price ended 3.2% higher on Wall Street.
Coforge Ltd., Infosys Ltd., and Wipro were leading gains in the Nifty IT Index. Coforge and Infosys rose 1.35% and 1.12% higher so far today. Wipro rose 0.76% while its ADR rose 1.40% in the overnight session.
