HCL Tech’s shares leapt 8.28% after the company announced Q2 earnings that beat consensus, sending the BSE Sensex 1.54% higher to 73,033.78. IT stocks, led by HCL, surged more than 5% as investors priced in a stronger earnings season.
The Nifty 50 mirrored the rally, closing 1.6% higher at 22,721.95, with the mid‑cap and small‑cap indices also shedding losses. Financial names such as HDFC Bank and ICICI Bank climbed 4–6%, buoyed by a steady rupee.
The rupee gained 40 paise to 95.38 against the dollar, its third straight session of appreciation, underpinned by RBI’s recent interventions to curb spot dollar demand. Finance Minister Nirmala Sitharaman’s comments on a possible easing of long‑term capital gains tax added a positive tone to the market.
Analysts now expect the IT sector to maintain momentum into Q3, while the RBI’s policy stance suggests limited headline interest rate changes in the near term. Investors will be watching the upcoming March earnings cycle and the RBI’s next policy meeting for clues on the market’s trajectory.