Nifty IT jumps nearly 2% on July 3, extends two-day rebound past 6%
AI Market Summary
India's Nifty IT rallied ~2% (over 6% in two sessions) after a weaker US June payrolls print and downward revisions cooled expectations of near-term Fed tightening. Lower US rate expectations typically support EM risk appetite and capital inflows, benefiting export-oriented Indian IT earnings sensitivity to US demand. Broad-based gains across Infosys, TCS, HCLTech and Tech Mahindra also suggest positioning unwound after a four-session, 6.5% drawdown.
Impact level
● Medium
Affected assets
NCSINIFTY52USD/USDT+0.10%
AI Insight · NCSINIFTY52USD/USDTAI Insight
▲ Bullish
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India’s Nifty IT index rose nearly 2% on July 3, taking its two-day rebound to more than 6%. The move followed weaker-than-expected US jobs data and downward revisions to the prior two months, which cooled expectations for a near-term Federal Reserve rate hike and lifted risk appetite. Infosys climbed more than 5%, while HCLTech, TCS and Tech Mahindra advanced 2.5% to 4%. The index had previously fallen 6.5% over four straight sessions.
