TCS deal wins in Q1 spark a relief rally in IT stocks

Mumbai: Shares of technology companies saw a relief rally on Thursday as sentiment improved after Tata Consultancy Services showed strong deal wins in the June quarter, reassuring investors that the demand outlook may not be as adverse as expected earlier.

Shares of TCS, Infosys, Tech Mahindra, Wipro, LTIMindtree, Persistent Systems, and L&T Technology Services ended 1-3% higher on the NSE, while the Nifty IT index ended nearly 2% higher. While both the shares and the index ended significantly off highs, their gains earlier in the day had helped the Sensex surpass the 66,000 mark for the first time ever.