The Nifty IT index is trading with sharp gains in trade on Monday, surging 1.25% to 28,150 levels, with all nine stocks in the index trading in the green. This comes on the back of a peace deal reached between United States and Iran, which could possibly put an end to a month-long conflict.
Coforge Ltd. led the gains, rising 2.25% to Rs. 1,398. Oracle Financial Services Software Ltd. advanced 1.72% to Rs. 9,488, while Persistent Systems Ltd. gained 1.28% to Rs. 4,872.50.
Infosys Ltd. rose 1.50% to Rs. 1,133.20, Mphasis Ltd. added 1.25% to Rs. 2,298.80, and HCL Technologies Ltd. climbed 1.43% to Rs. 1,125.50. Tech Mahindra Ltd., Wipro Ltd. and Tata Consultancy Services Ltd. also ended higher. The index added Rs. 23,686.14 crore in market capitalisation.
The rally follows Pakistan Prime Minister Shehbaz Sharif's announcement that the US and Iran have agreed to the immediate and permanent termination of military operations on all fronts, with a formal signing ceremony scheduled in Switzerland on June 19.
The recovery in IT stocks comes just dafter the index shed over Rs. 50,000 crore in market capitalisation in first 15 minutes of trade on Friday.
ALSO READ: US-Iran Reach Peace Deal, Pakistan Says Formal Signing Set For June 19 In Switzerland
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