The positive signals from the US Federal Reserve during today’s session led to an increase in IT stocks. Wednesday’s decision by the Federal Open Market Committee (FOMC) to maintain its benchmark interest rate at 5.25–5.5% was expected.
This was a notable departure from earlier projections, as the outlook became more dovish and suggested possible 75 basis point cuts in 2024.
Indian IT stocks rose as a result of US Fed keeping the interest rate unchanged and also signaling rate cuts in the future. The US represents a significant portion of revenue for Indian IT companies, making it a crucial market. As such, the market sentiment has been positively impacted by the rate cut projections.
The Nifty IT index opened today’s trade gap up at 33,451 points from its previous closing of 33,066. It then strengthened further to reach a new record high of 34,101 points by gaining 3.13%.
Here are the 6 IT stocks that gained up to 8% after the US Fed keeps interest rate unchanged.
Mphasis Ltd
With a market capitalization of Rs 48,805.16 Crores. Mphasis Ltd, On Thursday, The shares were trading at Rs 2,585.60 a share, gained up to 8 percent from the previous closing price of Rs 2,427.00. The share hit its 52-week high of Rs 2,599.65 apieces.
LTIMindtree Ltd
With a market capitalization of Rs 1,74,827.03 Crores.LTIMindtree Ltd, On Thursday, The shares were trading at Rs 5,908.00 a share, gained up to 4.04 percent from the previous closing price of Rs 5,730.00. The share hit its 52-week high of Rs 5,962.00 apieces.
HCL Technologies Ltd
With a market capitalization of Rs 3,82,613.21 CroresHCL Technologies Ltd, On Thursday, The shares were trading at Rs 1,409.95 a share, gained up to 4 percent from the previous closing price of Rs 1368.85 apieces. The share hit its 52-week high of Rs 1,419.00 apieces.
Tech Mahindra Ltd
With a market capitalization of Rs 1,22,489.81 Crores Tech Mahindra Ltd, On Thursday, The shares were trading at Rs1,255.00 a share, gained up to 4 percent from the previous closing price of Rs 1,264.00 apieces.
Infosys Ltd
With a market capitalization of Rs 6,18,124.37 Crores Infosys Ltd, On Thursday, The shares were trading at Rs 1,489.30 a share, gained up to 3 percent from the previous closing price of Rs 1,448.90 apieces.
Wipro Ltd
With a market capitalization of Rs 2,24,958.37 Crores Wipro Ltd, On Thursday, The shares were trading at Rs 430.65 a share, gained up to 3 percent from the previous closing price of Rs 419.60 apieces.
Written by:- Abhishek Singh
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