TCS, Infosys, Wipro, Other IT Shares Rise As US Fed Sees More Rate Cuts This Year – News18
Last Updated:
Shares of leading Indian IT companies Infosys, Tech Mahindra and Tata Consultancy Services (TCS) surged on March 20; Key points
Infosys, Wipro, Other IT Stocks Rally As US Fed Projects More Rate Cuts This Year
IT Stocks Today: IT stocks such as Infosys, HCL Technologies, LTIMindtree, TCS, Tech Mahindra, Mphasis, Mastek, Coforge, KPIT Technologies, Birlasoft, and Sonata Software were among the top gainers on Thursday, as investors welcomed the US Federal Reserve’s decision to keep interest rates unchanged following its policy meeting on March 19. The Fed’s stance, which included maintaining projections for two rate cuts in 2025 despite inflationary pressures, boosted investor sentiment.
The positive movement in IT stocks lifted the Nifty IT index by nearly 1.3% to 36,699, marking its highest level in the past five sessions. Indian IT stocks followed the upward trend seen in US tech shares, given the strong ties between the two countries in terms of exports and consultancy services.
Angel One’s Ankita Pathak highlighted that the Fed’s dovish outlook is expected to maintain near-term positivity. “The Fed remains aligned with market expectations of two rate cuts in 2025, despite inflation concerns,” she said. Meanwhile, Akshay Chinchalkar, Head of Research at Axis Securities, noted that while the Fed is anticipating rate cuts due to slower growth, risks such as tariffs and inflationary pressures still loom.
Mphasis led the gains on the index, jumping over 2% to trade at Rs 2,332, recovering from a 52-week low earlier in March. TCS shares also saw a nearly 2% rise, hovering around Rs 3,560. HCL Technologies gained 1.7%, trading at Rs 1,571, and Infosys surged 1.5% to Rs 1,610. Other IT stocks like Tech Mahindra, Wipro, Coforge, and LTIMindtree also traded in the green.
The US Federal Reserve acknowledged rising uncertainty regarding the economic outlook and upside risks to inflation but noted that the current unemployment rate of 4.1% signals a balanced job market.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
