The Nifty IT index experienced a nearly 2% surge on November 22 due to positive labor market data from the US. The number of initial jobless claims decreased by 6,000 to 213,000 for the week ending November 16, which is the lowest it has been in seven months.

This improvement in the US labor market indicates a potential increase in job growth, which is beneficial for Indian IT firms that heavily rely on revenue from the US. At 11:15 AM, the Nifty IT index was up 1.7% at 42,600, with TCS, Infosys, and HCLTech leading the gains. This marks the third consecutive day of increases for the index, which has recovered over 5% in November after declines of 2% in September and 3.7% in October.

All ten components of the IT index were trading higher, with each experiencing a rise between 1-2%.