Oracle, Wipro, Tech Mahindra stocks fuel the Nifty IT index above 29,000

▤ Summary

The Nifty IT index rose almost 1% to a day high of ₹29,177.80, with all constituents trading higher and the IT pack up 4.31% last week. Oracle Financial Services Software, Wipro and Tech Mahindra led gains, while Mphasis, Persistent, Coforge and TCS also moved up; HCL, Infosys and LTIMindtree rose modestly. Analysts attribute the rebound to the sharp depreciation of the rupee, which boosts dollar-linked revenues, and to value buying after earlier heavy selling; dividend yields look attractive for some large caps. Market commentators caution that the sector remains the worst-performing on the exchange this year (down over 22%) amid AI disruption concerns, though some investors view current levels as a contrarian valuation opportunity.

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