Indian benchmark shares jump as encouraging HCLTech earnings propel IT buying

Indian equities advanced on Tuesday, according to Business Recorder, with the Nifty 50 climbing 1.6 per cent to 22,721.95 and the BSE Sensex adding 1.54 per cent to finish at 73,033.78. The rally was led by information technology shares, which posted their largest single-day advance since May 12, 2025, after HCLTech reported quarterly results ahead of estimates.

The rupee strengthened to 95.28 against the dollar, its second straight session of gains, as the Reserve Bank of India introduced additional steps to ease pressure on the currency. HCLTech shares surged 8.4 per cent, their largest daily gain in over six years, while Tata Consultancy Services gained 6.8 per cent after reporting earnings on Thursday. Separately, Shriram Finance rose 6.3 per cent following a Bloomberg News report that Japan's Mitsubishi UFJ Financial Group is weighing a route to eventually take majority control of the non-bank lender.

Fund manager Arun Malhotra of CapGrow Capital described the IT gains as value buying rather than a lasting turnaround for the sector, citing better-than-expected earnings from TCS and HCLTech. The Nifty IT index remains down 21.2 per cent this year, weighed by slower earnings growth and pressure from AI on conventional software services work. Asian shares fell more than 2 per cent to their lowest level in over two months as a heavy selloff in chipmakers prompted investors to reassess the AI trade.