Hexaware Technologies , Cyient and Tata Consultancy Services were the gainers on the Nifty 500 at market open on Friday, October 9, as Indian IT stocks rallied on multiple developments including the latest H-1B developments in the US, while Anand Rathi Wealth and Physicswallah shares slipped lower. Top gainers at market open Indian IT stocks rallied at market open after the US Labor Department said on Thursday that it would suspend Microsoft and Adobe from the Permanent Labor Certification Program amid multiple active federal investigations. The department also said it would not accept or process new applications from companies including Cognizant, Infosys, Capgemini, Wipro, TCS and HCLTech.
NASSCOM responded that Indian IT firms had significantly reduced their dependence on H-1B visas and steadily expanded local hiring in the US. Hexaware Technologies shares surged up to 12% at market open. The company's shares had fallen more than 24% since the beginning of the year and more than 20% in the past year.
The stock was 41.9% away from hitting its 52-week low of ₹400.20. The IT services firm announced a multi-year partnership with Anthropic to expand the adoption of its Claude AI intelligence models among enterprise clients. Cyient shares rose over 6% at market open.
The company's shares had risen more than 3% since the beginning of the year and fallen more than 3% in the past year. The stock was at a 6.9% decline from its 52-week high of ₹1,222. Tata Consultancy Services shares rose up to 5% at market open, their biggest gain in a month, leading the Nifty IT index higher.
The company's shares had fallen more than 32% since the beginning of the year and more than 29% in the past year. The stock was 9.9% away from hitting its 52-week low of ₹1,976.80. TCS also reported its earnings for the second quarter on Thursday after market hours.
Info Edge shares rose 3.5% at market open, recovering after Thursday's decline following its second-quarter business update, as brokerages stayed positive on the stock. JPMorgan has an "Overweight" rating, while Citi has a "Buy" recommendation with a target of ₹1,510, seeing upside of up to 27%. HSBC, which has a Buy rating and a target of ₹1,625, noted overall billings grew 12.8% year-on-year in the second quarter, with underlying recruitment billings growing 14-15% after adjusting for the timing of renewals.
Nomura, which also has a Buy rating with a target of ₹1,480, flagged that Naukri recruitment billings grew 12.6% against the 15% it expected, partly offset by 99acres billings beating expectations at 21.2%. The company's shares had fallen almost 9% since the beginning of the year and more than 9% in the past year. The stock was at a 16% decline from its 52-week high of ₹1,419.90 and 34.7% away from hitting its 52-week low of ₹908.30.
Top losers at market open Anand Rathi Wealth shares fell up to 5% at market open after the company informed the exchanges it had revised the record date for its interim dividend to Thursday, October 15, 2026. The dividend is payable if declared by the board at its meeting scheduled for Friday, October 9, 2026. The company's shares had risen more than 32% since the beginning of the year and almost 39% in the past year.
The stock was at a 10.6% decline from its 52-week high of ₹2,268.40. Physicswallah shares fell up to 4% at market open. The company's shares had risen more than 2% since the beginning of the year and fallen almost 13% in the past year.
The stock was at a 19.5% decline from its 52-week high of ₹161.99. Also Read: When will AI stop being a net deflationary force? The top brass of TCS answers Tags
Source: CNBC TV18
