Underlying Asset Performance: The primary driver is the performance of the Nifty IT index constituents. Price changes in these IT stocks directly influence the ETF's NAV.

Demand and Supply: High demand relative to supply can push the ETF price above its NAV, creating a premium. Conversely, excess supply can lead to a discount.

Expense Ratio: While not a direct price driver, a higher expense ratio can erode returns over time, indirectly affecting its attractiveness and potentially its price.

Tracking Error: Deviations between the ETF's performance and the Nifty IT index's returns (tracking error) can impact investor confidence and, consequently, the price.

Market Sentiment: General market optimism or pessimism towards the IT sector can influence investor appetite for the ETF, impacting its price.

Liquidity: Higher liquidity generally leads to tighter bid-ask spreads, making the ETF more attractive and potentially supporting its price.

Global Economic Factors: Global economic conditions, especially those impacting the IT sector and major export markets, can affect the performance of IT stocks and the ETF.

Regulatory Changes: Changes in regulations affecting the IT sector can impact company profitability and investor sentiment, thereby influencing the ETF's price.