Shares of TCS, Infosys, Tech Mahindra, and HCL Technologies were among the top Sensex gainers on Wednesday morning, rising up to 2.1 percent ahead of the quarterly earnings season for IT majors. The gains come a day before TCS kicks off the sector’s Q2 results, which will set the tone for the broader technology pack.
At 09:30 am, the Sensex was up 258 points or 0.3 percent at 82,185, while the Nifty gained 65 points to 25,173. Infosys led the gains among IT stocks, rising 2.11 percent to Rs 1,486.80, followed by TCS up 1.43 percent at Rs 3,016.30, Tech Mahindra advancing 1.08 percent to Rs 1,454.00, and HCL Tech higher by 0.61 percent at Rs 1,442.40.
TCS will kick off the Q2 FY26 earnings season on Thursday, 9 October, followed by HCL Tech on Monday, 13 October. Analysts expect modest sequential revenue growth of 0.2-1 percent in constant-currency terms for TCS, led by BFSI and hi-tech verticals, with the India business seen as flat. Margins are expected to hold steady near 24.5 percent, weighed down slightly by wage hikes and lower utilisation.
Brokerages said deal ramp-ups, improved project execution, and a more stable global environment are likely to support a stronger recovery for IT services in the second half of FY26. TCS’s commentary on its demand outlook and deal pipeline -- including the $640 million contract with Scandinavian insurer Tryg and the BSNL project ramp-up expected from Q3 -- will be closely watched for cues on client spending trends.
Despite today’s gains, IT stocks have largely underperformed over the past year. TCS shares are down nearly 29 percent over the past 12 months, while Infosys has fallen around 24 percent. Tech Mahindra, which has struggled amid muted telecom spending, has also trailed the benchmark. HCL Technologies is down about 19 percent over the same period.
In contrast, the Nifty 50 index has gained 0.53 percent in the past year, underscoring the relative weakness of large-cap IT names amid global technology spending headwinds. Analysts say investors will look for management commentary this earnings season to gauge whether the worst is over for India’s software exporters.
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