IT leads Indian shares higher after Wipro's AI deal

Indian shares edged higher on Friday as gains in IT stocks after Wipro expanded an artificial intelligence partnership offset caution over lingering Middle East tensions.

The benchmark Nifty 50 rose 0.13% to 23,935.45, and the BSE Sensex added 0.24% to 76,053.64, as of 10:17 a.m. IST.

The US and Iran reached an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though US President Donald Trump has yet to approve it, and Iranian state media said it had not been finalized.

Brent crude futures dropped to $93 per barrel, while Asian markets jumped 2% on optimism over the US-Iran deal and AI rally.

For the week, the Nifty and Sensex are up 0.9% and 0.8%, respectively.

“Markets are pausing as investors weigh the prospects for peace in the Middle East and the potential ripple effects for oil,” said Hiren Dasani, chief investment officer for emerging markets at WhiteOak Capital.

“If crude settles around $85-$90 over the next nine months, the impact on corporate earnings should remain manageable and markets need confirmation of that for any sustained upmove from here,” Dasani said. On the day, ten of the 16 major sectors logged losses.

IT index rose 2.7%.

Wipro gained 2.2% following a partnership with ServiceNow to implement agentic AI workflows. Peers TCS, Infosys and HCLTech rose between 1.7% and 4.3%.

The broader small- rose 0.4% while mid-caps traded flat. Among stocks, hospital chains operator Max Healthcare fell 1.2%, dropping 10% in five sessions after subdued quarterly earnings.

Defence firm Bharat Dynamics lost 7% and footwear retailer Bata India fell 3.5% after reporting a fall in fourth-quarter profit.

Pharmaceuticals company Supriya Lifesciences climbed 16.6% and jewellery maker PC Jeweller jumped 14% after both companies posted higher March quarter profit.