From Sensex firms, Tech Mahindra, Mahindra & Mahindra, Tata Motors, UltraTech Cement, Tata Consultancy Services, HCL Technologies, ICICI Bank and Tata Steel were the biggest gainers. Sun Pharma emerged as the only laggard.
The country's largest software exporter, Tata Consultancy Services, has said the global business environment continues to be volatile and its clients in some sectors are still not showing signs of recovery, which may put pressure on pricing.
The Madras High Court on Tuesday dismissed a petition filed by an employee of TCS who was served with a termination order after counsel for the software major said the firm has revoked it.
With the market sentiments improving and enhanced focus on domestic market, IT firms have got back to the hiring spree.
Hike in H1-B visas indicates that the company is winning new deals, for which projects initially need employees onsite.
Despite lower growth scenario; companies say reworking strategy
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.
Tata Teleservices on Wednesday announced outsourcing of its entire IT infrastructure management to group company Tata Consultancy Services, a deal estimated at over Rs 1,000 crore (Rs10 billion) over five years.
Most positives seem to be factored into current valuations.
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