Market Watch: Nifty IT Index Slumps by Over 3% Amid US Fed Rate Cut Anticipation

Mumbai, November 18, 2024 - The National Stock Exchange (NSE) witnessed a sharp decline in the IT index of the Nifty today, plummeting by over 3% due to anticipation of potential rate cut announcements from the US Federal Reserve.

According to market observers, traders have been betting that the US Fed's next policy meeting will see a slowdown in the pace of interest rate cuts, leading to increased volatility in global markets and stock prices. As news of this shift in expectation trickled in, investors began selling off their holdings in IT stocks, which resulted in today's significant decline.

The NSE, however, saw some positives elsewhere, with the Sensex index staying within range as investors weighed potential inflation data releases from multiple countries later this week.

Market experts stress that the mood is subject to change, given US market developments, company earnings announcements and other triggers.

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