Indian IT Stocks Gain Rs 70,000 Crore Despite US PERM Suspension
Economic Times Markets · stocks
Indian IT stocks surged on Friday, with the Nifty IT index rising over 4% and adding Rs 70,000 crore to market capitalization. This gain occurred despite US President Donald Trump's suspension of the Permanent Labor Certification Program, which affects major Indian IT firms. Strong Q2 results from TCS, showing 15% YoY profit growth, and potential AI service demand boosted investor confidence. OpenAI's revised revenue forecast also eased concerns about AI companies disrupting traditional IT services, contributing to the market rally.