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Infosys, Wipro, LTIMindtree: IT Stocks Extend Gains To 3rd Session Post US Fed Rate Cut
Infosys, Wipro, LTIMindtree: IT Stocks Extend Gains To 3rd Session Post US Fed Rate Cut
IT stocks jumped up to 3% in intraday trade on Thursday, September 18, lifting the Nifty IT index higher for the third straight day, after the US Federal Reserve's rate cut boosted investor sentiment. The Nifty IT pack has gained over 3% during this three-day rally.
LTIMindtree was the top index gainer, rising as much as 3.61% to Rs 5,619. Infosys and Wipro followed, gaining 2% each to Rs 1,555 and Rs 259.80, respectively.
Mphasis, Coforge, and HCL Tech added 1% each, while TCS, Tech Mahindra, OFSS, and Persistent Systems also traded in the green.
US Fed rate cut
The latest rally in IT stocks comes after the US Federal Reserve delivered its first rate cut of the year, trimming the benchmark rate by 25 basis points to counter emerging weakness in the labour market.
Fed Chair Jerome Powell, however, downplayed expectations of an aggressive easing cycle, calling the move a “risk-management cut" and stressing there was no urgency to push rates down further.
A softer US interest rate typically makes emerging markets like India more attractive to foreign investors. It also boosts discretionary spending in the US — a key positive for Indian IT companies that earn a major share of their revenue from that market.
Despite the bounce, experts warn the rally may be sentiment-driven rather than structural.
“The Fed's rate cut has triggered a sharp rebound in Nifty IT on hopes of a demand revival, but the underlying challenges remain," said Harshal Dasani, Business Head at INVAsset PMS.
He pointed out that Indian IT firms continue to face sluggish growth in their core markets — the US and Europe — where clients are cutting discretionary tech spends. The US economy is showing stagflation-like signs, with slowing growth and sticky inflation, while Europe is grappling with geopolitical uncertainties that cloud corporate capex decisions.
Dasani cautioned that while rate cuts and currency moves may offer short-term support, the sector's medium-term outlook remains challenging. “Investors will need to stay selective as structural headwinds for IT are far from over," he said.
Source: News18
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