A range of IT consulting firms were trending higher on Monday following reports that the White House said it would cut its reciprocal tariff on Indian imports to 18% from 25% following a call between Indian Prime Minister Narendra Modi and U.S. President Donald Trump.
Accenture (ACN), which has significant operations in India, was up 1%. Infosys (INFY), a global provider of consulting, technology, outsourcing, and next-generation digital services, had increased 4%. Infosys is headquartered in Bengaluru, India. Wipro Limited (WIT), another global IT company headquartered in India, had jumped 7% by early afternoon trading. Meanwhile, IBM (IBM) had edged up 3%.
Apple (AAPL), which has been expanding its manufacturing presence in India, was up 2%.
Retail and manufacturing stocks were also edging higher.
As part of the agreement between the two countries, India committed to buying more American-made goods, Venezuelan oil, and to cease purchases of Russian oil, the latter of which is anticipated to help end the war in Ukraine.
“(India) will likewise move forward to reduce their tariff and non-tariff barriers against the United States to ZERO,” Trump posted on Truth Social.