TCS, Infosys, Wipro, HCL Shares Rally 2–6%; Nifty IT Up 4% Despite US Green Card Shock: Tata Q2 Results Drives

The Nifty IT index completely ignored the shocks of US green card suspension to major homegrown tech players on October 9, 2026. The index skyrocketed by nearly 4% to hit an intraday high of 28,776.75. The rally was driven by large-caps Tata Consultancy Services, HCL Technologies, Infosys and Wipro, the same companies who are banned to apply for PERM green card in the USA. The reason behind bullish trend is the Q2 results of Tata Group's giant.

Nifty IT Index Rally

At the time of writing, Nifty IT index traded higher by 2.4% to 28,394.95. But in the early trade, the index zoomed by at least 3.75% as it touched an intraday high of 28,776.75.

TCS is still leading the bulls bandwagon after surging by more than 6%. Majority of tech players soared by 2% to 4%. Infosys gained over 3.4%, Wipro and HCL Tech zoomed nearly 4% each before correcting. Coforge, Persistent Systems, LTIMindtree and Mphasis gained by nearly 4% as well. While Tech Mahindra jumped over 2.70% at least, and OFSS surged up to 2.4%.

Currently, these stocks are up by 1% to 4%, but keeping the broad-based bullish trend in overall market.

The reason behind the rally is the Q2 earnings of TCS which is broadly in-line with street's estimates.

SYMBOL	OPEN	HIGH	LOW	PREV. CLOSE	LTP	Overall Performance Today	CHANGE	% CHANGE
NIFTY IT	27,905.85	28,776.75	27,901.85	27,736.60	28,394.95	3.750099147	658.35	2.37
TCS	2,086.00	2,204.00	2,086.00	2,076.00	2,162.00	6.165703276	86	4.14
INFY	1,007.30	1,030.90	1,007.30	997	1,016.60	3.400200602	19.6	1.97
WIPRO	158.3	164.3	158.3	158.38	162.7	3.737845688	4.32	2.73
COFORGE	1,839.30	1,884.10	1,839.00	1,814.30	1,844.50	3.847213801	30.2	1.66
HCLTECH	1,176.90	1,219.90	1,175.00	1,176.90	1,199.40	3.653666412	22.5	1.91
PERSISTENT	5,499.00	5,664.00	5,499.00	5,468.00	5,595.00	3.584491587	127	2.32
TECHM	1,500.00	1,536.60	1,496.20	1,496.20	1,519.20	2.700173774	23	1.54
MPHASIS	2,323.50	2,393.00	2,321.00	2,303.40	2,343.50	3.889901884	40.1	1.74
OFSS	10,401.00	10,646.00	10,387.00	10,400.00	10,488.00	2.365384615	88	0.85
LTM	3,925.00	4,070.00	3,925.00	3,915.00	3,990.50	3.959131545	75.5	1.93

In Q1FY27, TCS posted consolidated net profit of Rs 13,884 crore, registering a growth of 4% from PAT of Rs 13,349 crore in Q1FY27. PAT surged by 14.98% from Rs 12,075 crore net profit recorded in Q2 of last year. On YoY, TCS beats earnings estimates.

On the top-line front, consolidated revenue stood at Rs 73,188 crore in Q2FY27, registering growth of 1.26% QoQ and 11.23% YoY. Revenue stood at Rs 72,275 crore in Q1FY27 and at Rs 65,799 crore in Q2FY26. TCS posted constant currency revenue growth of 0.5% QoQ, in-line with street estimates. International revenue grows at 1.2% QoQ in constant currency. While annualized AI revenue stood at $3.1 billion, crossing 10% of revenue.

"Indian IT stocks face a fresh sentiment risk after the US suspended TCS, Infosys, Wipro, HCL Technologies, Cognizant and Capgemini from filing new applications under the PERM employment-based green-card programme. The decision does not suspend existing H-1B employment, so the immediate operational impact may be limited; however, an extended suspension could complicate employee retention and mobility and increase localisation, recruitment and compliance costs. TCS reported 15% profit growth for the September quarter, but modest sequential revenue growth and flat margins may offer only a partial offset to the uncertainty surrounding monetary policy," said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth.

Accordingly, investors did not beat down on tech stocks after the US suspension of green card to Indian tech giants. The TCS Q2 results come as a promising factor for further companies who are yet to declare their Q2.

The Donald Trump administration has suspended eight major technology companies, including Indian IT giants TCS, Infosys, Wipro, and HCL Technologies, from the US Permanent Labor Certification (PERM) program. The list also includes Cognizant, Capgemini, Microsoft, and Adobe. The move aligns with Trump's "America First" agenda, which prioritizes domestic employment. While the suspension could disrupt green card applications for Indian tech workers, its overall impact on IT companies remains uncertain.

Indians reportedly account for 71% of H-1B visa beneficiaries in the US. As of September 30, 2026, Amazon recorded 9,337 H-1B visas, followed by TCS with 4,450. Infosys and Apple accounted for 4,113 and 3,879, respectively. Microsoft had 3,688 H-1B visas, followed by Cognizant with 3,510, HCL with 1,516, Wipro with 1,175 and Capgemini with 1,074.

After TCS earnings, focus will shift to other giants. HCL Tech will follow on October 12. Another Tata Group-backed tech player, Tata Technologies will declare its earnings on October 14. While Wipro and Tech Mahindra will present their Q2 on October 15.

Further, L&T Technology Services will declare its Q2 on October 19, Coforge along with Infosys on October 23, and Kfin Tech on October 26.

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