IT Stocks Today (13 October, 2026): Why Are IT Stocks Up Today? Nifty IT Jumps 3% as TCS, Infosys, HCL Tech, Wipro, Mahindra Shares Surge on Strong Earnings – Should You Buy IT Stocks Now

Indian IT stocks rallied on Oct 13, led by HCL Tech (+7%) after its Q2 results showed 21.2% YoY net profit growth. TCS, Infosys, and others also gained 3-6%. Kotak analysts say US PERM suspension has limited impact. Upcoming Q2 earnings and dividends are in focus.

The US government suspended eight tech companies, including Tata Consultancy Services, Infosys, Wipro, HCLTech, Cognizant, Microsoft, Adobe, and Capgemini, from the PERM Green Card program. The move aims to address alleged misuse of foreign-worker programs. Existing H-1B visas remain valid, but the suspension may delay permanent residency for affected employees. Companies report limited PERM applications, suggesting a potential minimal impact on their operations.

Indian IT stocks rebounded, with HCLTech, TCS, Infosys, and Wipro rising up to 5%. HCLTech's Q2 profit rose 21.18% YoY to Rs 5,132 crore, beating expectations. Revenue increased 11.51% YoY to Rs 35,620 crore. The weaker rupee and strong deal bookings supported the sector's rally.

The Trump administration suspended green card requests for eight tech firms, including Cognizant, Infosys, Tata Consultancy Services, Wipro, HCL Technologies, Capgemini, Microsoft, and Adobe. The move, announced by U.S. Labor Secretary Keith Sonderling, impacts the Permanent Labor Certification (PERM) program. Indian IT companies downplayed the impact, citing reduced H-1B visa dependence. The U.S. action may affect India-U.S.

The US suspended Microsoft, Adobe, and major IT firms from a green-card program, citing alleged abuse. Vice President Vance accused Microsoft of laying off US workers while hiring foreign labor. The Labor Department also opened probes into top universities like Harvard and Yale over visa misuse. Microsoft denied wrongdoing, stating it pays H-1B employees equally. The crackdown may impact tech firms' hiring and universities' research funding.

The US suspended green card processing for Microsoft, Adobe, Infosys, TCS, Wipro, HCLTech, Cognizant, and Capgemini amid investigations into alleged H-1B visa program misuse. This affects workers' permanent residency prospects and companies' talent retention strategies, potentially reshaping hiring and offshore delivery models.