IT stocks surged after the opening bell on Thursday, October 1, as investors focused on US inflation cues and Accenture earnings. The Nifty IT index rose 1.71% to an early market high of 28,178.60 points, up from 27,704.80 at the previous close. The gain was driven by strong performances from Infosys, TCS, Tech Mahindra, Mphasis and others. The sectoral benchmark reached its highest level since the start of the month, reflecting optimism ahead of Accenture’s fourth‑quarter results. Market participants noted that the positive trajectory aligns with expectations of a softer US PCE inflation reading, which may temper concerns over further Fed rate hikes.

During the session, key IT names posted notable intraday highs. Mphasis peaked at ₹2,253.80, up 4.6%, while Infosys reached ₹1,019.90, a 2.5% gain. Tata Consultancy Services traded at ₹2,093.90, rising 2.1%, and Coforge hit ₹1,812.90, up 3.6%. HCL Technologies closed at ₹1,256, a 2.1% increase, and Tech Mahindra topped at ₹1,554.80, up 2%. These gains contributed to the sector’s overall rally, despite broader market weakness. The intraday performance was supported by positive sentiment around corporate actions and the anticipation of Accenture’s earnings release, which investors view as a barometer for the Indian IT sector’s demand outlook.

While IT stocks rallied, the broader market traded in the red. The NIFTY50 and SENSEX faced selling pressure amid massive foreign investment outflows, elevated US Treasury yields, a decline in the auto index, and traders liquidating defensive FMCG stocks. This contrast highlighted the sectoral resilience of IT names against a backdrop of subdued overall sentiment. Market participants noted that the negative drift in the blue‑chip indices was largely driven by macro‑economic concerns and a cautious stance on corporate earnings outside the technology space.

Accenture, the global consultancy giant, is set to release its fourth‑quarter results on Thursday, October 1. The company’s financial year runs from September to August, and it will host a conference call at 8:00 a.m. EDT to discuss its Q4 and full‑year fiscal 2026 financial results. An earnings news release will be issued before the call, as per the company’s earlier filing. For Indian investors, Accenture’s earnings are a key demand indicator for the IT sector, offering insight into revenue outlooks for domestic IT firms.

The better‑than‑expected US Personal Consumption Expenditures (PCE) inflation data, which showed lower growth in August than the previous month, eased expectations of another potential rate hike from the US Federal Reserve. According to CME Group’s FedWatch tool, the market assigns a 62.4% probability that the central bank will keep the key interest rates unchanged in the 3.75‑4% range, while a 37.6% probability still leans towards a 25 basis point rate hike in the near term.

Tech Mahindra’s board is scheduled to meet on October 15 and October 16 to consider a proposal for a bonus issue of equity shares. The board will also review and approve the financial results for the July to September quarter of fiscal year 2026‑27, along with an interim dividend for shareholders. This corporate action reflects the company’s strategy to enhance shareholder value and manage capital structure amid a competitive IT landscape and to support future growth initiatives.