NIFTY IT gauge crosses 35,500 mark amid buying in Infosys, Coforge, MPhasis ahead of Jerome Powell’s Jackson Hole symposium speech

NIFTY IT index soared 2.3% or 799.55 points to 35,556.25 during the afternoon trading session, amid buying in Infosys, TCS, Coforge, Tech Mahindra, among other IT stocks on Wednesday, August 20.

The rally in the IT sectoral gauge comes in anticipation of the Federal Reserve Chair Jerome Powell's speech at the annual symposium, which will be held from August 21 to 23 in Wyoming.

IT stock Coforge surged 4.13% to an intra-day high of ₹1,721 per equity share on the National Stock Exchange (NSE).

Shares of Infosys were trading 3.31% higher at the session’s peak of ₹1,487.60 apiece, after its wholly-owned subsidiary partnered with Uniting Financial Services (UFS), a charitable development fund in Australia, to implement the next-gen Finacle Digital Banking Suite. At around 2:10 pm, the share was trading 3.28% higher at ₹1,487.20 per equity share.

While shares of MPhasis advanced 3.11% to hit the peak of the day of ₹2,828, TCS stock spiked 2.48% to ₹3,091 apiece.

The Persistent Systems scrip rose 2.55% to ₹5,370 per equity share and Oracle Financial Serivces stock jumped 2.92% to ₹8,848.

The NIFTY FMCG gauge stood at 56,747, rising 1.54% or 860.35 points.

What is the Jackson Hole annual symposium?

The Jackson Hole Economic Symposium, hosted by the Federal Reserve Bank of Kansas City, is an annual central banking conference held in Wyoming.

Prominent central bankers, finance ministers, and economists attend the conference each year to deliberate on important economic issues faced by countries across the globe.

This year, Jerome Powell, the chairman of the U.S. Federal Reserve, will give a speech on the economic outlook and the Fed's review of its policy framework during the 48th annual symposium.