IT stocks log biggest gain in nearly three years as growth worries ebb

Nifty IT index jumps 4.5%; Bellwether TCS leads the gain

The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent—most in nearly three years—as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020.

Industry titan TCS’ shares rose 5 per cent to Rs 3,509. The stock was the biggest gainer and contributor to the Sensex and the Nifty gains. Infosys, Tech Mahindra, LTI Mindtree and HCL Tech—each rose close to 4 per cent—were the next biggest gainers