IT shares such as Infosys, HCL Technologies, Tata Consultancy Services (TCS) and Tech Mahindra bucked the trend in early deals today. The rally in IT shares was supported by a fall in rupee to a fresh record low. The Indian IT industry earns nearly 80%-85% of its revenue from overseas operations. A fall in rupee boosts sentiment for IT stocks since these firms earn revenue in dollars and fetch more in rupee terms with the currency falling to its all time low today. 

The Indian rupee slipped to its record low of 96.17 in opening deals against the dollar today. Later, it further fell to a low of 96.30 amid stronger dollar and high crude oil prices. IT stocks were also supported by bargain hunting today. According to analysts, the IT index and IT stocks have seen huge correction due to AI concerns. 

While Sensex tanked 915 pts to 74,322, the Nifty Index zoomed 257 pts to 27,973. On similar lines, the BSE IT index remained resilient despite broader market selloff. The index rose 178 pts to 27,142 in early deals today. 

In the last week, IT indices came under selling pressure after concerns over AI-led disruption returned to haunt the Dalal Street. 

The Nifty IT index slipped over 5% in first four sessions last week due to AI-led concerns. On Friday, the index rose 1.30%, signaling partial recovery in the IT stocks. 

In the current session, shares of IT firms such as Infosys, HCL Tech, TCS and Tech Mahindra were the only gainers on Sensex, rising up to 1.35% in early deals. 

This is the second straight session of gains for the IT stocks amid a correction in the broader market. 

Hitesh Tailor, Technical Research Analyst at Choice Broking said, "The near-term outlook remains cautious to negative, as weak global cues, rising geopolitical tensions, and elevated crude oil prices continue to weigh on overall market sentiment. Although domestic markets have shown resilience in recent sessions, sustained selling pressure near higher levels indicates lack of strong bullish conviction. Traders are likely to remain focused on global developments and volatility trends, while holding above key support zones will be crucial to prevent further downside pressure in the broader market."