3Why Nifty IT index shot up 2300 points in two days — explained with 4 reasons

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Stock market today: Extending its bull trend for yet another session on US Fed rate cut buzz, Nifty IT index touched new life-time high for second day in a row on Friday. On Thursday, Nifty IT index had hit a new high of around 33,260 odd levels while Nifty IT index today climbed to a new peak of 35,655. All IT major like Tata Consultancy Services (TCS), Infosys, HCL Tech Tech Mahindra, Wipro, LTIM, etc.

have witnessed huge buying interest in last two sessions. TCS share price today touched a new peak of ₹3,840 apiece on NSE, Infosys shares shot up from ₹1,449 to ₹1,569 per share levels in last two sessions — logging more than 8 per cent rise in this time, HCL Technologies share price today touched a new peak of ₹1,482.35 per share levels, Tech Mahindra shares hit a new 52-week high of ₹1,324.80 per share levels. Wipro share price was also not a laggard in this rally as it touched a new peak of ₹449.50 apiece on NSE during Friday deals.

Also Read: IREDA share price tanks 10% after gaining 100% since listing According to stock market experts, IT stocks are rising due to US Fed's rate cut signal in recently ended US Fed meeting. They said that US Fed rate cut is based on strong US economic data, which means higher business for Indian IT companies. Apart from this, weakness in Indian National Rupee (INR) and strong Us economic data is also doing the trick in favour of Indian IT companies.