Wipro Share Price Edges Higher By 4% as ServiceNow AI Deal Boosts Nifty IT Sentiment

Shares of IT sector heavyweight Wipro surged nearly 5 per cent to an early high of Rs 211 apiece on the NSE on May 29, 2026. The stock edged higher as the company announced an expansion with a leading cloud-based platform to integrate Agentic AI workflows.

Why is Wipro Gaining

On May 28, Wipro announced its partnership with ServiceNow to the stock exchanges through a release. As part of the partnership, the company will aid Wipro in integrating Agentic AI workflows across its business functions. It is likely that the development led to an increase in buying activity in the stock, as investors reacted positively to the IT major’s tangible generative AI integration plans.

The integration will combine Wipro’s AI powered engine called Intelligence suite with the core ServiceNow AI Platform, leading to the creation of autonomous AI agents capable of executing complete end-to-end tasks with built-in governance. This will allow organisations to deploy autonomous AI agents that can manage workflows without heavy human intervention.

The collaboration focuses heavily on three distinct commercial offerings. SmartProcure will standardise procurement intake and vendor approvals to lower turnaround times. Telco Autonomous Networks will telecom specific context to self heal network service glitches, while Cyber Transform will target advanced security operations to streamline incident response workflows across the enterprise value chain.

“Under this expanded partnership, Wipro will integrate Wipro Intelligence, its unified suite of AI-powered platforms, solutions, and transformative offerings, with the ServiceNow AI Platform enabling organisations to streamline the initiation, orchestration, and execution of work across enterprise systems. By reducing manual coordination and improving visibility into how work progresses across core functions, enterprises can accelerate turnaround times while strengthening accountability and operational governance,” Wipro said in the release.

While the ServiceNow deal is likely to have boosted the price of Wipro’s stocks, other technical and structural factors are expected to have added in supporting Wipro's upward movement today. It is likely that investors purchased the IT stock ahead of its buyback. Notably, Wipro has set June 5, 2026 as the record date for the buyback.

As Indian stock markets were closed on May 28, 2026 on account of Bakri Id, domestic investors are effectively playing catch up to global trends. Overnight on Wall Street, Wipro’s American Depositary Receipts witnessed an 18.54 per cent surge to settle at $2.43 on the New York Stock Exchange, setting the stage for the positive opening gap back home.

Why Is the Nifty IT Index Gaining

The Nifty IT index gained nearly 3 per cent on May 29. The index gained as nine out of 10 constituents traded in the green in early trade. The major constituents of the index, Infosys, Tata Consultancy Services and Tech Mahindra traded higher by 3.75 per cent, 1.09 per cent and 2.24 per cent, respectively on the NSE. Other major constituents, such as HCL Technologies and Wipro traded higher by 1.87 per cent 2 per cent on the NSE, respectively.

The gains seen in the IT sector were driven by a weakening rupee against the dollar. Indian IT firms generate a significant part of their revenue from geographies, such as North America. Thus, a depreciating rupee forces automatic upward earnings revisions across the sector.

Additionally, the index also took cues from US markets which rallied overnight. On May 28, Wall Street, S&P 500 and Nasdaq closed at record highs. Corporate earnings from global hardware giants, such as Dell, which are also spending on AI data centres and digital infrastructure, also remain incredibly robust. This is likely to have further eased investor fears regarding a prolonged technology spending slowdown.