TCS, Infosys, Wipro, HCLTech: Nifty IT rallies over 3% despite US suspending eight firms from green-card programme
Indian IT stocks rallied despite the US government suspending eight major technology firms, including TCS and Infosys, from the PERM green-card programme. Companies have reassured investors that the suspension will not significantly impact their US operations or workforce strategies.
Why it matters
The resilience of IT stocks suggests that investors are prioritizing strong earnings reports over regulatory hurdles regarding foreign worker visas.
Nifty IT surged over 3% on October 9, as investors focused on the US suspension of 8 companies from a green-card programme having no impact and TCS's latest earnings report. IT sector stocks like Tata Consultancy Services (TCS), Infosys, HCL Tech, Mphasis, among others rallied after the opening bell on Friday, October 9, as the latest United States green card programme suspension update for eight major technology and IT outsourcing companies failed to impact Indian firms.
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NSE data showed that the Nifty IT index was up 3.3% to hit a morning market high of 28,670.25 points, in comparison to 27,736.60 points at the previous equity market close.
IT stocks gained despite the US green card programme suspension update, as IT bellwether TCS disclosed that there will be no impact of the directive on the workforce strategy and customer engagements in the United States.
Also covering this story
13 other newsrooms covered this event. We read each version separately.
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