TCS, Infosys, Wipro, other IT shares rise as US Fed keeps interest rates unchanged
The Indian IT sector witnessed a surge in stock prices on Thursday, with major players such as Tata Consultancy Services (TCS), Infosys, Wipro, and others leading the charge. This upward movement came on the back of the US Federal Reserve’s decision to maintain interest rates unchanged, following its policy meeting on March 19.
The Fed’s stance included projections for two rate cuts in 2025, which had a positive impact on the Indian IT sector. The sector, which is heavily dependent on exports to the US, tends to benefit from a weaker dollar and lower interest rates.
Among the top gainers were IT stocks such as Infosys, HCL Technologies, LTIMindtree, TCS, Tech Mahindra, Mphasis, Mastek, Coforge, KPIT Technologies, Birlasoft, and Sonata Software. The shares of these companies rose by up to 4% on Thursday, with some stocks even touching their 52-week highs.
TCS, India’s largest IT services company, was one of the biggest gainers, with its stock price rising by 3.5% to reach a new high. Infosys, another major player in the sector, also saw its stock price surge by 3.1% to reach a high of Rs 1,258 per share.
Wipro, which has been facing some challenges in recent times, also saw its stock price rise by 2.7% to reach a high of Rs 444 per share. Other IT stocks such as HCL Technologies, LTIMindtree, and Tech Mahindra also saw significant gains, with their stock prices rising by up to 4% each.
The Fed’s decision to keep interest rates unchanged was seen as a positive development for the Indian IT sector, which has been facing some challenges in recent times. The sector has been impacted by the ongoing trade tensions between the US and China, as well as the slowdown in the global economy.
However, the Fed’s projections for two rate cuts in 2025 provided a much-needed boost to the sector. The rate cuts are expected to lead to a weaker dollar and lower interest rates, which will provide a fillip to the Indian IT sector.
The IT sector has been a major contributor to India’s GDP growth, and any weakness in the sector can have a ripple effect on the overall economy. Therefore, the Fed’s decision to maintain interest rates unchanged and project rate cuts in the future is seen as a positive development for the sector.
In addition to the IT sector, other sectors such as banking and finance also saw significant gains on Thursday. The banking sector, which has been facing some challenges in recent times, saw its stock prices rise by up to 2% each.
The finance sector also saw significant gains, with stocks such as ICICI Bank and HDFC Bank rising by up to 2% each. The finance sector has been impacted by the ongoing economic slowdown, but the Fed’s decision to keep interest rates unchanged provided a much-needed boost to the sector.
In conclusion, the IT sector saw a significant surge in stock prices on Thursday, following the US Federal Reserve’s decision to maintain interest rates unchanged and project rate cuts in the future. The sector, which is heavily dependent on exports to the US, tends to benefit from a weaker dollar and lower interest rates. The Fed’s decision is seen as a positive development for the sector, which has been facing some challenges in recent times.
