Nifty IT Up 0.80% After Fed Rate Cut; LTIMindtree, Infosys, Wipro, TCS, HCLTech Gain

Mumbai, September 18: Nifty IT is trading in the green today, on September 18. As of 12:00 PM, the index was up by 0.80%, or 291.90 points, and was trading at 36,739.05. Shares such as LTIMindtree, Infosys, Wipro, TCS, HCLTech, and Tech Mahindra were gaining within the index. Eight shares in the index were trading in the green, with 2 declines.

On the broader front, Nifty 50 was up by 0.37%, or 93.60 points and was trading at 25,423.85. On the other hand, Sensex was also trading in the green and was up by 0.37%, or 306.70 points and was trading at 83,000.41.

Key Trigger: Feb Rate Cut By 25 bps

The key trigger for gains in Nifty IT, and most IT stocks, was the announcement by the Federal Reserve that it had cut the Fed rate by 25 bps to 4%-4.25%. It also signalled that two more cuts are possible by the end of this year, and one in 2026. The Fed rate cut has boosted the positive sentiment of investors, with strong demand for tech stocks in the Indian stock market.

LTIMindtree Leads with 2.53% Gain

Within the index, LTIMindtree led with a 2.53% gain, followed by Infosys at 1.58%, Mphasis at 1.49%, Coforge at 1.18%, Wipro at 0.86%, HCL Tech at 0.57%, Persistent at 0.40%, and TCS at 0.07%. The only two losers were Oracle Financial at -0.16%, and Tech Mahindra at -0.23%.

Until now, Nifty IT has traded within a range of 37,064.95 and 36,689.45. The positive sentiment after the Fed rate cut is reflected in the IT stocks, and the index, along with most of its constituents, is expected to end today’s trading session in the green.

REF: https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY IT

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