IT Stocks Rally: LTIMindtree, Persistent Systems, Infosys, and Wipro Gain on U.S. Court Ruling

Market Performance

Technology stocks led the market rebound on May 29, with major IT players like LTIMindtree, Persistent Systems, Infosys, and Wipro jumping up to 3.5% in intraday trading. The Nifty IT index surged nearly 2%, reaching a high of 38,121 points and poised to close May with a 5.4% gain, breaking a four-month losing streak.

The renewed buying interest in IT stocks helped reverse recent selling pressure that had weighed on broader market indices.

Main News: U.S. Court Blocks Trump Tariffs, Boosts Tech Stocks

The sharp rise in IT shares followed a U.S. federal court's decision to block most of former President Trump's "Liberation Day" tariffs. The ruling halted:

• A 10% across-the-board tariff on tech imports
• Higher tariff rates on countries, including China

Though the White House has appealed the decision, this move eased fears of escalating trade tensions and lifted global risk sentiment.

This relief came amid ongoing uncertainty from Trump's tariff policies, which had triggered a global market selloff earlier this year. The court ruling signals a potential scaling back of tariff impositions, reassuring investors.

Meanwhile, the U.S. Senate continues to debate significant tax and spending bills, adding cautious optimism to the markets. The latest Federal Open Market Committee (FOMC) minutes indicate a wait-and-see approach, with a focus on mitigating inflation and unemployment risks.

Company Details: IT Giants Leading the Charge

The key gainers within the Nifty IT pack included:

• LTIMindtree
• Persistent Systems
• Infosys
• Wipro

These companies experienced sharp price increases, contributing to a notable rise in the sector index. The uptick in these tech stocks contributed substantially to the Nifty IT index's rise, underscoring their significant market influence.

Summary

• IT stocks, especially LTIMindtree, Persistent Systems, Infosys, and Wipro, surged up to 3.5% on May 29
• The Nifty IT index jumped nearly 2%, poised for a monthly gain of 5.4%
• U.S. court blocked significant Trump tariffs, easing trade tension fears

This rally reflects positive global developments and strong investor confidence in India's IT sector, with movements closely watched by market participants.