Information technology stocks extended their winning streak for a third consecutive session on Wednesday, with the Nifty IT index rising 1.5 per cent to 29,007 as investors positioned themselves ahead of the US Federal Reserve’s policy decision due later in the day.
The sectoral index has gained nearly 4.3 per cent from 27,795.75 recorded on June 12, reflecting improving market sentiment triggered by US-Iran peace deal, softer crude and global market movement.
Among the heavyweight constituents, Infosys, Wipro, Tech Mahindra and Tata Consultancy Services (TCS) advanced up to 2 per cent during the session, helping lift the index higher. Most IT stocks traded in positive territory, with only Oracle Financial Services Software (OFSS) and LTM (LTIMindtree) bucking the trend and trading lower.
The rally comes as investors closely monitor the Federal Reserve’s policy meeting, which marks the first chaired by Kevin Warsh. While policymakers are widely expected to leave rates unchanged, market participants are assessing whether the central bank’s commentary signals any shift in its policy outlook.
A dovish tone from the Fed is generally viewed as positive for technology and IT stocks as lower borrowing costs can support corporate technology spending and improve demand visibility for outsourcing and digital transformation projects. The US remains the largest market for Indian IT services companies, making Fed policy decisions a key sentiment driver for the sector.
Apart from the broader macro backdrop, stock-specific developments also contributed to the positive momentum across the IT pack.
Infosys announced a collaboration with Valmet to reimagine IT operations through AI-accelerated transformation.
Tata Consultancy Services announced a multi-year partnership with Elopak ASA, a global leader in paper-based packaging and filling equipment.
Wipro, meanwhile, launched its Applied AI Center of Excellence for Claude models powered by Anthropic. The centre was inaugurated at the company’s innovation hub in Bengaluru and is expected to help enterprises accelerate AI adoption and deployment.
HCL Technologies also remained in focus following developments related to Sarvam AI, in which the company has made an investment, strengthening its exposure to India’s emerging artificial intelligence ecosystem.
Global market signals remained mixed. On Tuesday, Wall Street’s benchmark S&P 500 declined 0.6 per cent to 7,511.35, while the Dow Jones Industrial Average gained 0.6 per cent to close at a record 51,999.67. The technology-heavy Nasdaq Composite fell 1.2 per cent to 26,376.34 as investors reassessed valuations in major AI-linked technology stocks.
Nvidia shares, Broadcom and Micron Technology declined amid renewed concerns over a potential AI-driven market bubble.
Meanwhile, Elon Musk’s SpaceX gained for the third straight day since its Wall Street debut.
Despite the weakness in US technology stocks overnight, Indian IT shares remained resilient.
Investors will now closely watch the Fed’s policy statement and commentary for indications on future interest-rate moves, which could influence global technology spending trends and, in turn, demand prospects for Indian IT companies.
Published on June 17, 2026
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