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IT Stocks Rally on Fed Rate Cut Optimism as Tech Mahindra Leads Gains
IT Stocks Rally on Fed Rate Cut Optimism as Tech Mahindra Leads Gains
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BTCCSquare news:
Indian IT stocks surged as investors cheered the Federal Reserve's 25 basis point rate cut, with the Nifty IT index climbing 0.92% to 36,780.85 points. Tech Mahindra led the charge with a 2.30% gain, followed by Infosys and Mphasis rising 1.65% and 1.28% respectively.
Trading volumes hit 145.42 lakh shares worth ₹1,921.27 crore, with Infosys dominating value turnover and Wipro leading volume. Axis Securities' Rajesh Palviya noted the Fed's dovish tilt could attract foreign capital to India, creating tailwinds for IT firms through lower US borrowing costs and potential rupee strength.
Despite being down 15.20% year-to-date, the sector has shown recent momentum with a 6.20% monthly gain. The index now trades at 26.32 times earnings.
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