Shares of Coforge, Wipro, Tata Consultancy Services (TCS), and LTI Mindtree also rose over 1 percent, reflecting widespread growth in the IT sector. Infosys, TCS, and HCL saw their stock prices increase by up to 3 percent following reports that India and the US are nearing the finalization of a trade deal. The Nifty IT index surged by 2.4 percent in the past 24 hours, with all its constituents performing positively. According to a recent report by Mint, India and the US are close to finalizing a trade agreement that could reduce tariffs on Indian exports from 50% to 15-16 percent.
Key topics in the negotiations include agriculture and energy, with reports suggesting that India may agree to lower its imports of Russian crude oil. Infosys led the IT sector’s performance, aided by its announcement of a Rs 18,000 crore share buyback, the largest in the company’s history. The company stated that its promoters, including founders Narayana Murthy, Nandan Nilekani, and Sudha Murthy, will not participate in the buyback. Following this announcement, Infosys shares surged as much as 4.28 percent, closing at Rs 1,535.10 on the BSE. Additionally, Hindustan Unilever (HUL) experienced a strong performance, with its shares rising nearly 3 percent after the company reported its Q2 earnings.
HUL shares climbed as high as 3.9 percent to Rs 2,667.55 on the BSE, and by 11:20 am, they were trading 1.17 percent higher at Rs 2,622.70.