IT stocks rally: OFSS, Wipro, others rise up to 8% on hopes over US trade talks

Trump says India-US trade talks to resume:

The sharp rise in the IT stocks today was fuelled after US President Donald Trump said Washington and New Delhi will resume negotiation to resolve the ongoing trade frictions.

In a social media post on Truth Social, Trump announced, "I am pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations."

"I look forward to speaking with my very good friend, Prime Minister Narendra Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!" he further wrote.

While the tariffs were not implemented on IT services, the easing trade tensions between India and US will likely benefit the IT companies which derive major portion of their revenue from the American markets.

source moneycontrol