Nifty IT Index Plunges Over 3% AmidSpeculation of Slowing US Rate Cuts

Mumbai (Alajaran.com, November 18, 2024): The Nifty IT index plummeted over 3% in morning trade today, as investors speculated that the US Federal Reserve is likely to slow down its pace of rate cuts. This comes amidst expectations from Wall Street that the Fed will reduce the rate-cutting spree by one quarter point at its upcoming meeting.

Following this selloff, markets began expecting a softer stance from the Fed on monetary policy hikes and cuts, while also watching the latest inflation data releases in the US, which may provide further direction to the Fed's approach.

As of 11:30 am IST, the NIFTY IT index has lost 2.83%, with top laggards including Infosys (-3.44%); Tech Mahindra (-2.94%), and HCL Technologies (-2.85%).

Please wait for updates...