Nifty IT Surges 1.28 Percent As Fed Rate Cut Bets Ignite Rally in Tech Mahindra, Infosys, HCLTech
By Shishta Dutta | Published at: Nov 24, 2025 12:32 PM IST
Mumbai, November 24, 2025: In Monday morning trade, Indian IT stocks continued their upward trend, driving the Nifty IT index up 1.28 percent to 37,492.35 after investors revised their expectations for a US Federal Reserve rate cut in December to a higher probability. Four of the top six gainers of the day on Nifty 50 were still technology majors, which set a positive tone for the session.
In the early trading session, the NSE Nifty 50 and the BSE Sensex were both trading a little higher than their previous close, largely due to technology stocks doing most of the heavy lifting. Throughout the trading day, the market data confirmed that the Nifty IT index held onto its significant gains while the broader indices remained in positive territory.
Nifty IT Index Snapshot
At 11:30 IST, the Nifty IT index was trading sharply higher with a clean advance-decline profile.
Nifty IT – Intraday and Recent Performance
| Metric | Level / Value |
|---|---|
| Previous close | 36,885.35 |
| Open today | 37,084.65 |
| Last traded level | 37,355.65 |
| Point change | 473.65 |
| Percent change | 1.28% |
| Intraday high | 37,554.35 |
| Intraday low | 37,084.65 |
| 52-week high | 46,088.90 |
| 52-week low | 30,918.95 |
| 30-day change | +4.49% |
| 365-day change | −11.65% |
| Total traded volume | 1,11,92,233 shares |
| Total traded value | ₹1,716 crore (approx) |
| Advances | 10 |
| Declines | 0 |
| Unchanged | 0 |
All ten Nifty IT constituents were in the green, underscoring broad-based buying interest across large, mid and niche technology names.
Tech Mahindra, Infosys, HCLTech Lead Early Gains
During early trading around 11:40 IST, frontline IT stocks saw greater bidder interest as rate-sensitive growth stocks benefited from changing global macro expectations.
- Tech Mahindra was up 2.98 percent to ₹1,505, becoming the top gainer on the index.
- Infosys climbed 1.23 percent to ₹1,564.
- HCLTech was up 1.36 percent to ₹1,629.30
- TCS increased by 0.2 percent to ₹3,150.50.
InterGlobe Aviation and Hindalco also showed up among the top Nifty gainers, but it was extremely clear that the early session was dominated by technology stocks.
By 11:40 IST, fresh tick data probably indicated the rally was sustaining and broadening across the IT basket.
Key Nifty IT movers at 11:40 IST
| Stock | Company | Last price (₹) | Change (%) | Day high (₹) | Day low (₹) | 52W high proximity* |
|---|---|---|---|---|---|---|
| TECHM | Tech Mahindra Ltd | 1,511.70 | 3.43% | 1,513.80 | 1,461.80 | ~16.4% below 52W high |
| INFY | Infosys Ltd | 1,574.00 | 1.88% | 1,585.00 | 1,563.60 | ~21.6% below 52W high |
| MPHASIS | MphasiS Ltd | 2,790.40 | 1.58% | 2,804.70 | 2,755.30 | ~13.8% below 52W high |
| COFORGE | Coforge Ltd | 1,825.80 | 1.57% | 1,835.00 | 1,800.60 | ~9.0% below 52W high |
| WIPRO | Wipro Ltd | 248.03 | 1.45% | 248.76 | 245.02 | ~23.6% below 52W high |
| HCLTECH | HCL Technologies Ltd | 1,631.00 | 1.43% | 1,640.00 | 1,612.20 | ~18.9% below 52W high |
| LTIM | LTIMindtree Ltd | 6,000.00 | 1.25% | 6,025.00 | 5,908.00 | ~11.3% below 52W high |
| PERSISTENT | Persistent Systems Ltd | 6,365.00 | 1.09% | 6,426.50 | 6,297.00 | ~6.2% below 52W high |
| OFSS | Oracle Financial Services Software Ltd | 8,231.50 | 0.76% | 8,275.00 | 8,175.00 | ~37.7% below 52W high |
| TCS | Tata Consultancy Services Ltd | 3,154.40 | 0.12% | 3,178.90 | 3,153.20 | ~29.8% below 52W high |
Proximity figures are determined by the distance from the 52-week high as delivered in the data.
The leadership rotation across the index is a little more biased toward stocks like Tech Mahindra, Infosys, MphasiS, and Coforge, which gained from 1.5 percent to over 3 percent in this morning timeframe.
Broader Market: Benchmarks Edge Higher
Despite the positive contribution from IT, the overall price movement in the broader market has stayed relatively subdued.
As of 11:40 IST:
- Nifty 50 stood at 26,106.10, up 0.15% from the last close.
- BSE Sensex was also quoted higher but marginally (exact level was not reported in the data shared) as IT giants assisted sentiment.
The outperformance of the Nifty IT index compared to the headline index indicates investor preference for export-oriented dollar-linked earnings in an environment where US monetary policy looks set to accommodate.
Fed Rate Cut Bets Fuel IT Sentiment
A surge in expectations for a Federal Reserve rate cut in December led to gains in Indian IT counters. Lower interest rates in the US will also tend to:
1. Provide more support to US economic activity, especially spending on technology and digital transformation, which benefits Indian IT vendors with high exposure to US clients.
2. Improve the relative attractiveness of other emerging markets, such as India, and stimulate foreign portfolio flows into growth sectors such as technology.
In this macro backdrop, large-cap names – TCS, Infosys, HCLTech, Wipro, LTIMindtree and Tech Mahindra – also served as a tailwind to market upgrades as the stocks traded up in concert.
Short-term Technical Context for Nifty IT
While the index is still 11.65 percent down on a 12-month view, the index has shown regular growth over the past few weeks, ending with a +4.49 percent gain in the past 30 days.
Some technical observations of the current data:
- The index is currently trading well above the recent low of 30,918.95 but not too far below the 52-week top of 46,088.90.
- Intraday action suggests significant buying activity from the open as the low matched the opening level and was followed by a push to a new high of 37,554.35.
- The breadth of the market while clean in the IT pack (all 10 constituents were in advance) suggests there is broad institutional and retail interest in the sector, and not just movement in one or two heavyweights.
Outlook
Although the continuity of the rally will depend on how US rate expectations evolve and what happens to global tech spending trends, early trade on Monday was clearly indicating a positive sentiment in India’s IT sector. Benchmark indices were only modestly higher, and the Nifty IT index was clearly outperforming, indicating investors were once again relying on the sector as a proxy for global growth and potential monetary easing in major global markets.
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