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India’s benchmark indexes closed higher on Thursday, led by IT stocks on optimism over the rise in artificial intelligence (AI) spending in the U.S., while worries over earnings moderation and U.S. tariffs capped gains.

The Nifty 50 rose 0.22% to 23,205.35, while the BSE Sensex added 0.15% to 76,520.38.

Both the benchmarks lost about 0.3% at the open before reversing losses, helped by a 1.8% rise in IT stocks.

IT index has gained 4% in two sessions on the back of U.S. President Donald Trump announcing mammoth spending plans for AI infrastructure on Tuesday. The sector earns a significant share of its revenue from the United States.

A post-results rally in Coforge and Persistent Systems, which jumped 11.8% and 10.6%, respectively, also aided gains in the sector.

Wipro climbed 2.8% and was among the top Nifty 50 gainers.

HDFC Bank hauls Indian benchmarks out of earnings, US tariffs gloom

Expectations of growth in AI-related investments after Trump’s announcement and the sector’s relatively better earnings has helped IT stocks rise, powering the benchmarks higher, Mayuresh Joshi, head of equity research India at William O’Neil and Company.

However, uncertainty over Trump’s tariff policies and soft domestic earnings will keep the pressure on markets, Joshi said.

Smallcaps and midcaps rose 1.1% and 1.9%, respectively, on the day, after losing about 4% each in the last two sessions.

Among individual stocks, India’s biggest cement maker by capacity, Ultratech Cement, climbed 6.8% after reporting third-quarter earnings above estimates, helped by strong volume growth.

Indian refiner BPCL lost about 2.3% after missing December quarter profit estimates on lower margins and losses in its liquefied petroleum gas (LPG) segment.

Hindustan Unilever shed about 1% after the consumer goods maker projected near-term margins at the lower end of its forecast range due to a moderation in urban demand.

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