Nifty IT index breaks 4-day losing streak, climbs 1.50% as Fed maintains rate cut forecast
Also Read: Gold rate today hits new peak of ₹66,778 after US Fed meeting. Should you buy in current gold price rally? The Federal Reserve is presently holding interest rates at their highest level in more than twenty years, with the aim of gradually restoring inflation to the targeted 2% rate over the long haul.
Since March 2022, the US central bank has raised its policy rate by 525 basis points to the current range of 5.25% to 5.50%. Also Read: US Fed keeps benchmark rates steady at 23-year high-mark, projects 3 rate cuts in 2024: 5 key highlights Following the positive comments from the US Fed, major equity markets around the world concluded Wednesday's session with gains, and this positive sentiment has carried over to Asia, where all major indices opened today's session in positive territory.
The Nifty 50 began the session with a gap up at 21,989 points and reached an intraday high of 22,025 points. Indian IT companies, which have a significant reliance on US markets, also opened with gains, with the Nifty IT index breaking a four-day losing streak in today's session, rising by 1.53% to touch an intraday high of 36,296 points.
Among individual stocks in the index, L&T Technology Services is trading with a gain of 2.6%, followed by Coforge, Persistent Systems, MphasiS, Wipro, HCL Technologies, LTIMindtree, Tech Mahindra, Infosys, and TCS, all trading with gains ranging between 0.5% and 1.5%, respectively. Also Read: Castrol India, Ksolves India, Patanjali Foods shares to trade ex-dividend today Commenting on the Fed's decision Dr V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services, said, "The uncertainty regarding the Fed decision is over with the Fed keeping the rates unchanged and refraining
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