IT Index Extends Gains

The Nifty IT index climbed 2% to its intraday high of 31,112.20 on February 26, marking its second straight session of gains. The index has risen 3.2% over the last two sessions. Despite the rebound, exchange data show the index has declined 19% in the past one month, 17% over three months and more than 20% in the past one year.

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All constituents of the index traded higher during the session. Shares of Persistent Systems rose 3%, while Tech Mahindra gained over 2%. Larsen & Toubro Technology Services, Infosys, Mphasis, LTIMindtree, Coforge, HCL Technologies and Tata Consultancy Services advanced more than 1% each, while Wipro was up 0.5%, according to exchange data.

Nvidia Q4 Earnings

Nvidia reported fiscal fourth-quarter revenue of $68.1 billion, a 73% year-on-year increase compared with the same quarter last year, exceeding analysts’ estimate of $65.7 billion, as per the company’s release. Net income more than doubled year-on-year to $42.96 billion, with earnings per share of about $1.76.

The November-January quarter continued the company’s trend of surpassing analyst projections, supported by demand for its artificial intelligence-focused chips. Following the results, Nvidia shares ended 1.57% higher at $195.88 in U.S. trading, according to exchange data.

Global Market Cues

Asian markets opened higher on February 26 after overnight gains on Wall Street. The MSCI Asia Pacific Index rose 0.8% in early trade. Hang Seng futures gained 0.7%, Japan’s Topix advanced 1.2%, Australia’s S&P/ASX 200 added 0.4% and Euro Stoxx 50 futures rose 0.7%, according to market data.

In the U.S., the S&P 500 rose 0.8% and the Nasdaq 100 advanced 1.4% in the previous session, supported by gains in technology stocks.

The movement in global equities followed Nvidia’s quarterly earnings announcement, which highlighted continued revenue growth and profitability in the artificial intelligence segment, influencing sentiment across technology shares.