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Indian shares retreated in early Monday trade, tracking a cautious mood across global markets after renewed threats of escalation in the Middle East sent crude oil prices soaring. Despite the broader sell-off, IT sector provided a cushion to the benchmarks.

IT Sector Leads Resilience

By 10:20 am, the Nifty IT index was trading up 0.39%, led by gains in heavyweight stocks. The outperformance was attributed to a "flight to safety" as the Indian rupee touched 93.00 against the U.S. dollar. This boosted the revenue outlook for export-oriented software firms.

Wipro emerged as a top gainer, jumping 2.41% to ₹200.80 after announcing an eight-year strategic transformation deal with Singapore-based Olam Group. The deal is projected to exceed $1 billion in total contract value.

Other IT heavyweights followed suit as the Nifty IT index outperformed the broader market:

• TCS rose 2.55% to ₹2,450.70.
• Infosys gained 2.45%, showing resilience despite global volatility.
• HCL Tech climbed 2.77%, reaching ₹1,402.20.

Investor interest trickled down to mid-cap software firms, with Coforge and LTIMindtree seeing steady buying. LTIMindtree traded near ₹4,303.90, while Coforge maintained its upward trajectory, gaining over 5% from its recent lows.

Indian equity markets faced intense selling pressure on Monday morning, with the BSE Sensex falling 509.77 points to 72,822.60 and the NSE Nifty 50 dropping 141.20 points to 22,571.90. The slump follows a spike in Brent crude to $109.8 per barrel and significant FII outflows. WTI crude oil prices are spiking to $111.37 per barrel.

Picture Credit: NSE 

Crude Oil & Geopolitics Weigh

The broader market remained jittery as geopolitical uncertainty in West Asia kept risk appetite in check. Kotak Mahindra Bank and Sun Pharma were among the major laggards, while the India VIX stayed elevated. The weakening rupee, currently hovering near ₹93.10 per USD, is providing a natural hedge for export-heavy IT firms, making them the preferred defensive play for the week.