Nifty IT Index Surges 3.19% to 30,807.40 on 2 June 2026: All 10 Constituents Rise as US Enterprise AI Spending Validates Indian IT

The Nifty IT index surged 3.19% to 30,807.40 on 2 June 2026, with all 10 of its constituent stocks posting gains in a session where the Sensex shed 508 points and every other major sectoral index closed in the red. The Nifty IT index rose independently of the broader market’s macro headwinds, driven by a second consecutive day of institutional conviction buying triggered by blowout US enterprise software earnings from Salesforce, Snowflake, and Workday, combined with TCS’s announcement of a Mistral AI partnership that repositioned Indian IT as a frontier AI services provider.

The Nifty IT index catalysts on this session are specific and verifiable. Salesforce’s Q1 FY27 revenue grew 13% year-on-year to $11.13 billion, adjusted EPS grew 50%, and its Agentforce AI platform crossed 23,000 enterprise customers from approximately 3,000 just 15 months ago. Snowflake reported 34% product revenue growth with net revenue retention of 126%. These numbers confirm what the Nifty IT index is beginning to price in: the global enterprise AI and cloud spending cycle is accelerating, not decelerating.

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Nifty IT Index: All 10 Constituents on 2 June 2026

Stock	Symbol	June 2 Price	June 2 Gain	June 1 Close	52W High	Analyst Target
Infosys	NSE:INFY	Rs 1,259.40	+4.73%	Rs 1,202.52	Rs 1,612.85	Rs 1,650 (Nuvama)
TCS	NSE:TCS	Rs 2,393.60	+4.19%	Rs 2,297.34	Rs 3,975.0	Rs 3,650 (Nuvama)
Mphasis	NSE:MPHASIS	Rs 2,385.00	+3.22%	Rs 2,310.60	Rs 2,970.0	Rs 3,200 (Nuvama)
Coforge	NSE:COFORGE	Rs 1,504.00	+2.93%	Rs 1,461.19	Rs 1,780.0	Rs 2,200 (Nuvama)
HCL Technologies	NSE:HCLTECH	Rs 1,227.10	+2.68%	Rs 1,195.07	Rs 1,560.0	Rs 1,500 (Nuvama)
LTIMindtree	NSE:LTIM	Rs 4,296.20	+2.39%	Rs 4,195.92	Rs 6,700.0	Rs 6,200 (Nuvama)
Persistent Systems	NSE:PERSISTENT	Rs 5,527.00	+2.31%	Rs 5,402.21	Rs 6,789.0	Rs 6,100 (Nuvama)
Tech Mahindra	NSE:TECHM	Rs 1,569.10	+1.68%	Rs 1,543.17	Rs 1,750.0	Rs 1,750 (Nuvama)
Wipro	NSE:WIPRO	Rs 207.55	+0.55%	Rs 206.41	Rs 310.0	Rs 255 (Nuvama)
OFSS	NSE:OFSS	Rs 10,229.00	+0.37%	Rs 10,191.29	Rs 11,700.0	Rs 12,500 (Brokerages)
Nifty IT Index		Rs 30,807.40	+3.19%	Prev close: approx Rs 29,861

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Why the Nifty IT Index Is Rising While the Rest of the Market Falls

The Nifty IT index is performing a unique role in the current Indian market: it benefits structurally from the same macro conditions that are hurting every other sector. Brent crude above $95 per barrel, driven by the US-Iran conflict and Russia’s jet fuel export ban, is keeping the Indian rupee depressed against the US dollar. For Nifty IT companies, a weaker rupee is a mechanical tailwind. Dollar revenues convert to more rupees, while a large portion of costs, primarily India-based engineering salaries, remain in rupees. The same force harming Nifty Auto, Nifty Bank, and Nifty FMCG is simultaneously boosting Nifty IT margins.

This structural dynamic explains why the Nifty IT index has been the only consistent sectoral gainer across the four-session Sensex losing streak. Investors seeking equity exposure while hedging against crude oil and geopolitical volatility are finding the Nifty IT index uniquely positioned as a fundamentally grounded portfolio hedge.

Infosys Leads, TCS and Mphasis Follow: Stock-by-Stock Breakdown

Infosys led the Nifty IT index with a 4.73% surge to Rs 1,259.40, its strongest single-day performance in months. The gain reflects its direct beneficiary status from Salesforce’s Agentforce enterprise adoption surge. As one of Salesforce’s largest global system integrators, Infosys captures implementation, customisation, and managed services revenue from every Agentforce enterprise deployment. TCS followed with 4.19% to Rs 2,393.60, boosted by its Mistral AI partnership that signals TCS is moving from IT services delivery into proprietary frontier AI solutions. Mphasis rose 3.22% to Rs 2,385 as Snowflake’s 126% net revenue retention signalled accelerating BFSI data platform spending among Mphasis’s US client base.

Coforge gained 2.93% to Rs 1,504 as BFSI and travel AI deal momentum built on the Salesforce and Workday earnings data. HCL Technologies advanced 2.68% to Rs 1,227.10 on Workday’s strong subscription backlog growth confirming enterprise software refresh demand. LTIMindtree rose 2.39% to Rs 4,296.20 and Persistent Systems gained 2.31% to Rs 5,527 as Salesforce and Snowflake ecosystem demand validated their implementation pipelines. Tech Mahindra added 1.68% to Rs 1,569.10 as its AI-led margin recovery gains market recognition. Wipro gained 0.55% to Rs 207.55 on its ServiceNow agentic AI partnership expansion and a prior-session ADR rally of approximately 18.54%. OFSS rose 0.37% to Rs 10,229 on stable domestic BFSI software revenues and the broad Nifty IT index tailwind.

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Technical Setup: Where the Nifty IT Index Goes From Here

At 30,807.40, the The IT index index has cleared the 29,650 resistance level that analysts had identified as the key recovery threshold. The next resistance stands at 31,280. A sustained close above 31,280 would signal a more durable trend reversal from the approximately 22% year-to-date correction and could attract fresh momentum-driven buying from domestic institutional investors who remain underweight the sector. Support has now shifted up to the 29,800 to 30,000 zone.

The two-day rally of over 6% in the The technology index index signals institutional portfolio rebalancing. Fund managers who reduced IT exposure during the year-to-date correction are actively adding back, and the synchronised gains across all 10 constituents, from Infosys at 4.73% down to OFSS at 0.37%, confirm that this is sector-level allocation rather than individual stock speculation.

Conclusion

The The sector index’s 3.19% surge to 30,807.40 on 2 June 2026, with every constituent stock advancing, is one of the most decisive sectoral divergences in the current Indian market. The The IT benchmark index is being repriced on verifiable evidence that global enterprise AI and cloud spending is accelerating at the tier where Indian IT companies operate. Most The index stocks trade 10% to 52% below analyst targets and 10% to 40% below 52-week highs, offering meaningful recovery potential for investors with a 12-month horizon. The critical next test is Q1 FY27 earnings guidance from Infosys, TCS, and HCL Technologies in mid-July 2026. This does not constitute investment advice.

Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice.

Frequently Asked Questions on the Nifty IT Index Rally

Why did the Nifty IT index surge 3.19% on 2 June 2026?

Ans. The The IT index index surged 3.19% to 30,807.40 on 2 June 2026 as a continuation of the US enterprise software earnings rally. Salesforce reported Q1 FY27 EPS growing 50% year-on-year with Agentforce AI crossing 23,000 enterprise customers. Snowflake reported 34% product revenue growth with 126% net revenue retention. Workday delivered 13.5% revenue growth. TCS announced a Mistral AI partnership. Together, these validated that enterprise AI implementation spending is accelerating globally, directly benefiting all The technology index companies as the services delivery layer for enterprises deploying AI platforms.

Which Nifty IT stocks gained the most on 2 June 2026?

Ans. The top gainers in the The sector index on 2 June 2026 were Infosys at +4.73% to Rs 1,259.40, TCS at +4.19% to Rs 2,393.60, Mphasis at +3.22% to Rs 2,385.00, Coforge at +2.93% to Rs 1,504.00, and HCL Technologies at +2.68% to Rs 1,227.10. All 10 constituents closed in the green, with LTIMindtree +2.39%, Persistent Systems +2.31%, Tech Mahindra +1.68%, Wipro +0.55%, and OFSS +0.37%.

How does the Nifty IT gain on 2 June compare to the broader market?

Ans. The The IT benchmark index’s 3.19% gain on 2 June 2026 stands as the only sectoral positive in a deeply negative session. The Nifty 50 fell 0.70% to 23,382.60, the Sensex dropped 508 points, Nifty Auto fell 1.70%, and Nifty Bank declined 1.10%. The IT sector’s independent trajectory reflects its structural insulation from crude oil headwinds, combined with the tailwind of a weak rupee boosting dollar revenue conversions for Indian IT exporters.

Is the Nifty IT rally a genuine trend reversal or a short-term bounce?

Ans. The The index rally has both fundamental and technical characteristics. The Salesforce, Snowflake, and Workday earnings provide genuine evidence of accelerating enterprise AI spending, directly feeding Indian IT company order books. However, the The IT index index at 30,807 remains approximately 22% below its year-start highs, meaning the current move is recovering lost ground rather than establishing new peaks. A genuine trend reversal would require Q1 FY27 earnings guidance from Infosys, TCS, and HCL Technologies in mid-July to confirm accelerating revenue growth and improving margin trajectories.

What analyst targets are available for Nifty IT stocks?

Ans. Nuvama maintains Buy ratings across the The technology index universe. Key targets include TCS at Rs 3,650 implying 52% upside from Rs 2,393, LTIMindtree at Rs 6,200 implying 44% upside from Rs 4,296, Coforge at Rs 2,200 implying 46% upside from Rs 1,504, Mphasis at Rs 3,200 implying 34% upside from Rs 2,385, Infosys at Rs 1,650 implying 31% upside from Rs 1,259, Wipro at Rs 255 implying 23% upside from Rs 207, HCL Technologies at Rs 1,500 implying 22% upside from Rs 1,227, Tech Mahindra at Rs 1,750 implying 12% upside from Rs 1,569, and Persistent Systems at Rs 6,100 implying 10% upside from Rs 5,527. These are analyst projections and not guaranteed returns.

Why does a weak rupee help Nifty IT stocks?

Ans. Indian IT companies earn most of their revenue in US dollars and euros while paying a large portion of their costs, primarily engineering salaries, in Indian rupees. When the rupee weakens against the dollar, the same dollar revenue converts to more rupees in reported financials, mechanically boosting reported revenues and margins without any operational change. With Brent crude above $95 per barrel keeping the rupee under pressure in the current US-Iran conflict environment, the The sector index benefits structurally from the same macro conditions that are hurting most other Indian sectors.