The Nifty IT index experienced significant gains on Monday, surging 1.25% to 28,150 levels with all nine constituent stocks trading in positive territory. According to reports from NDTV Profit, this marked a sharp recovery from the previous session's volatility, where the index had shed over ₹50,000 crore in market capitalisation during the first 15 minutes of Friday's trade. However, broader market sentiment remained weak as Nifty fell 359.40 points (-1.50%) and Sensex declined 1,092.05 points (-1.44%) amid multiple headwinds including weak monsoon forecasts, continued FII selling, and uncertainty surrounding the US-Iran peace deal.
Coforge Ltd. led the gains with a 2.25% rise to ₹1,398, followed by Oracle Financial Services Software Ltd. which advanced 1.72% to ₹9,488. As reported by NDTV Profit, Persistent Systems Ltd. gained 1.28% to ₹4,872.50, while Infosys Ltd. rose 1.50% to ₹1,133.20. Other notable performers included Mphasis Ltd. which added 1.25% to ₹2,298.80 and HCL Technologies Ltd. which climbed 1.43% to ₹1,125.50. In the latest session, Tech Mahindra closed at ₹1,480.00, up 1.68%, while HCL Technologies ended at ₹1,182.00, up 1.44%.
The positive momentum translated into substantial market value gains, with the index adding ₹23,686.14 crore in market capitalisation during the trading session. According to NDTV Profit, this recovery follows Pakistan Prime Minister Shehbaz Sharif's announcement that the US and Iran have agreed to the immediate and permanent termination of military operations on all fronts, with a formal signing ceremony scheduled in Switzerland on June 19. However, the broader market decline of over 1,000 points in Sensex highlights the mixed sentiment across different sectors.
The rally was triggered by the announcement of a peace deal between the United States and Iran, which could potentially end a month-long conflict. As reported by NDTV Profit, the agreement was announced by Pakistan Prime Minister Shehbaz Sharif, with formal signing arrangements scheduled in Switzerland. However, markets remained cautious as the proposed US-Iran ceasefire extension and peace agreement was still awaiting approval from US President Donald Trump. Although negotiations have progressed, the absence of a final agreement kept geopolitical risks elevated and prevented investors from taking aggressive positions.
While IT emerged as the only bright spot, closing 0.60% higher, other sectors faced significant pressure. Oil & Gas (-2.47%) emerged as the worst-performing sector as geopolitical uncertainty and crude oil price volatility weighed on sentiment. Metal (-2.02%), Auto (-1.96%), Consumer Durables (-1.62%), Energy (-1.58%), Chemicals (-1.57%), and Infrastructure (-1.54%) also declined sharply due to inflation concerns, weaker demand outlook, and risk-off sentiment across global markets. Financial Services Ex-Bank (-1.55%), PSU Banks (-1.50%), and Private Banks (-1.17%) remained under pressure amid continued foreign investor selling and profit booking.
