Nifty IT rose +499.20 at 37,813, driven by strong gains in HCLTech, Infosys and TCS. Nifty 50 hit high of 24,401.00 points, breaking out of a sideways consolidation movement. Stock market indices are at record highs, driven by strong gains in the IT sector and positive global cues.
Nifty IT rose key point:
Global markets were at positive mode on Wednesday, July 3rd, following softer-than-expected US labor market data and expectations of potential interest rate cuts by the Federal Reserve. Both Infosys and TCS largest IT companies in India, reported strong earnings for the quarter ending March 31, 2024. This boosted investor confidence in the IT sector.
Foreign institutional investors (FIIs) bought Indian shares on Wednesday, July 3rd, for the first time in three days. This helped to push up Nifty IT and share market.
Share Market equities and indices hitting high today, primarily driven by a surge in information technology (IT) stocks. This surge was fueled by renewed hopes of an interest rate cut by the US Federal Reserve in September, following lower-than-expected US inflation data.
Overall, IT stocks were the primary drivers of this rally, surging by 2% and adding to the gains made in the previous session. The expectation of a US Federal Reserve interest rate cut in September significantly boosted investor confidence.