IT stocks in limelight; Infosys climbs nearly 4 pc

New Delhi, Oct 23 (PTI) IT stocks were in the limelight on Thursday, with Infosys surging nearly 4 per cent, helping drive the equity markets higher.

Shares of Infosys climbed 3.86 per cent to settle at Rs 1,528.85 apiece on the BSE. During the day, the stock jumped 5 per cent to Rs 1,545.70.

On the NSE, it edged higher by 3.81 per cent to Rs 1,528.50 per share.

Shares of HCL Tech climbed 2.43 per cent, Tata Consultancy Services went up by 2.24 per cent, Hexaware Tech rose by 1.76 per cent, Wipro edged higher by 1.22 per cent and Tech Mahindra (1 per cent).

The BSE IT index climbed 2.26 per cent to settle at 35,347.18.

"The IT sector stole the limelight in today’s session, led by a sharp rally in Infosys after its promoters and promoter group chose to stay out of the Rs 18,000-crore share buyback — a move widely seen as a strong vote of confidence in the company’s long-term growth prospects. Infosys shares surged nearly 4 per cent, lifting overall sentiment across the technology space.

"The positive momentum spilled over to other IT counters, which gained between 1-3 per cent, reaffirming renewed investor optimism toward the sector," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

The 30-share BSE Sensex climbed 130.06 points or 0.15 per cent to settle at 84,556.40. The 50-share NSE Nifty ended 22.80 points or 0.09 per cent higher at 25,891.40.

"IT stocks advanced as sentiment improved after Trump’s softer tone on H1B visas," Vinod Nair, Head of Research at Geojit Investments Limited, said.

Siddhartha Khemka, Head of Research - Wealth Management at Motilal Oswal Financial Services Ltd, said, "Nifty IT index was the top sectoral gainer, up over 2 per cent amid rising hopes for a trade deal between India and the US." Infosys promoters and promoter group, including Nandan M Nilekani and Sudha Murty, have decided not to participate in the company's Rs 18,000 crore share buyback, according to a regulatory filing on Wednesday.

The promoters collectively hold 13.05 per cent of the company's equity as on the buyback announcement date.

"...the Promoter and Promoter Group of the Company have expressed their intention of not participating in the Buyback vide their letters dated September 14, 2025, September 16, 2025, September 17, 2025, September 18, 2025 and September 19, 2025.

"Pursuant to the proposed Buyback and depending on the response to the Buyback, the voting rights of the Promoters and Promoter Group in the Company, which constitutes 13.05 per cent as on the date of the Public Announcement, may change," Infosys said.

Infosys promoters include company co-founder N R Narayana Murthy's wife Sudha N Murty, daughter Akshata Murty, and son Rohan Murty. It also includes company co-founder Nandan Nilekani, his wife Rohini Nilekani, and children Nihar and Janhavi Nilekani. Other co-founders and their families are also promoters of the company. PTI SUM SUM SHW