IT Stocks Surge as Robust GDP Growth and Mphasis Upgrade Boost Sentiment

IT stocks rallied, with all 10 constituents of the Nifty IT index trading higher, fueled by India’s 7.8% GDP growth in the June quarter. Shares of Mphasis, Coforge, Infosys, Tech Mahindra, Persistent Systems,

, and ro rose 1-2%, with Mphasis leading after Morgan Stanley upgraded its rating to 'Overweight' and raised the target price to Rs 3,625 from Rs 3,500. Analysts noted favorable micro factors for Mphasis, with potential US Federal Reserve rate cuts—signaled by Chairman Jerome Powell for the September 16–17 meeting—expected to further drive growth. The upbeat market mood lifted the Nifty IT index, reflecting strong investor optimism in the sector.