Infosys, TCS, HCL Tech, other IT stocks rally up to 3%. 2 major reasons why

Indian IT stocks rallied up to 3% led by Tech Mahindra's strong Q1 FY27 earnings beat and HCL Tech's seven-year AI deal win with Guardian Life Insurance. Tech Mahindra jumped 3.4% after brokerages including Nomura, Nuvama, and Motilal Oswal turned constructive on broad-based constant currency revenue growth of nearly 3% QoQ to USD 1,660 million and EBIT margin expansion to 14.4%. HCL Tech climbed 3% on the expanded partnership, Infosys gained 3.3%, and TCS added 2.5%, pushing the Nifty IT index up 2.3% to 29,381, while Wipro fell over 3% on weak Q1 results and softer guidance.