Relevant for Exams
IT stocks rally on US labour data and inflation, boosting Fed rate cut hopes and global tech spending.
Summary
This article details daily stock market movements of IT companies based on US economic data, specifically softer labour data and easing inflation. While it touches upon global economic factors like interest rates and tech spending, its primary focus is on short-term stock price fluctuations, which is generally not considered high-relevance for competitive exams.
Key Points
- 1IT stocks rallied up to 4% following softer US labour data and benign inflation.
- 2The Nifty IT index rose over 2% for a fourth consecutive session.
- 3The rally was led by companies such as Persistent Systems, Infosys, Wipro, and Tech Mahindra.
- 4Hopes for a US Federal Reserve rate cut were revived due to the economic data.
- 5Lower borrowing costs are anticipated to support global tech spending.
Full Article
IT stocks jumped up to 4% as softer US labour data and easing inflation revived hopes of a Fed rate cut. The Nifty IT index rose over 2% for a fourth straight session, led by Persistent Systems, Infosys, Wipro and Tech Mahindra, as lower borrowing costs are expected to support global tech spending.