Nifty IT extended its rally for a second day on Friday, on optimism that the U.S. Federal Reserve will start loosening monetary conditions from 2024, in the backdrop of easing inflation in the world's largest economy.
The U.S. is the largest market for the Indian information technology industry.
Nifty IT Continues To Rise For Second Day
The Nifty IT rose as much as 4.33% to 35,704.40. It was trading 4.30% up at 35,694.85 as of 12:29 p.m.
Persistent Systems, Coforge Lead Gains
Persistent Systems Ltd. and Coforge Ltd. led gains in the benchmark index, rising 7.89% and 6.06%, respectively, to hit life-highs. HCL Technologies Ltd. also rose to a life-high on Friday.
The U.S. Federal Reserve kept its benchmark federal fund rates unchanged at 5.25-5.50%, after its policy meeting on Wednesday. The policymakers also hinted at three rate cuts in 2024.
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