Nifty IT Index Loses Over 3% as US Fed Likely to Lower Pace of Rate Cuts

Mumbai (Alayaran.com): The Mumbai Stock Exchange's Nifty IT index plummeted by over 3% in morning trading on November 18, 2024, amidst expectations that the US Federal Reserve will reduce its rate-cutting momentum.

The sell-off in the IT sector came against a backdrop of increasing concerns about rising inflation and interest rates. Investors remain wary about the impact of potential Fed policy changes on corporate earnings and growth prospects.

As of press time, the Nifty IT index had dropped 3.15%, while the broader market indices were also experiencing downturns. The Sensex, a key benchmark for India's stock market, slipped by 1.22% in the morning session.