Net Asset Value (NAV): The ETF's price is closely tied to the NAV of the underlying NIFTY IT index constituents. Discrepancies create arbitrage opportunities.

Supply and Demand: Higher demand for the ETF can push its price above its NAV, while increased selling pressure can drive it below.

Underlying Stock Prices: Fluctuations in the prices of the individual stocks within the NIFTY IT index directly impact the ETF's overall value.

Investor Sentiment: General market optimism or pessimism towards the IT sector influences ETF demand and pricing.

Expense Ratio: Although not a direct short-term factor, the ETF's expense ratio can affect its long-term performance and investor appeal.

Tracking Error: How closely the ETF replicates the NIFTY IT index's returns affects its attractiveness and price relative to the index.

Market Liquidity: The ease with which the ETF can be bought and sold influences its pricing, with higher liquidity generally leading to tighter bid-ask spreads.

Global Economic Factors: Economic conditions and news globally can impact the IT sector, and therefore the ETF's price.

Regulatory Changes: Any alterations in regulations impacting the IT sector or ETFs in general can affect investor sentiment and the ETF's pricing.