Indian Shares Edge Up as Wipro AI Deal Lifts IT Index 2.7%
Updated
Updated · Reuters · May 29
Indian Shares Edge Up as Wipro AI Deal Lifts IT Index 2.7%
14 articles · Updated · Reuters · May 29
The Nifty 50 rose 0.13% to 23,935.45 and the Sensex added 0.24% to 76,053.64 by 10:17 a.m. IST, with IT gains outweighing broader market caution.
Wipro climbed 2.2% after expanding its ServiceNow partnership for agentic AI workflows, helping lift the IT index 2.7%; TCS, Infosys and HCLTech gained 1.7% to 4.3%.
Ten of 16 major sectors still fell as investors weighed an unfinalized U.S.-Iran ceasefire extension and possible relief for Strait of Hormuz shipping; Brent crude eased to $93 a barrel.
Broader moves were mixed, with small-caps up 0.4% and mid-caps flat, while Bharat Dynamics dropped 7%, Bata India fell 3.5%, and Max Healthcare slipped 1.2%.
For the week, the Nifty is up 0.9% and the Sensex 0.8%, but investors are watching whether oil settles near $85-$90 to keep the hit to corporate earnings manageable.
Is the IT sector’s AI-fueled rally masking weakness in the broader Indian market, where most other sectors are currently declining?
With a 95% enterprise AI failure rate, can Wipro’s new partnership deliver real returns or is it just more corporate hype?