Nifty IT Index Sinks by 3% Amid Speculation of US Fed Rate Cut Pacing

Mumbai, November 18, 2024: The Indian stock market is experiencing a significant downturn in the Nifty IT index, with a slump of over 3% in mid afternoon trading.

According to experts, the decline is largely attributed to concerns regarding the likely pace of rate cuts by the US Federal Reserve. Speculation surrounding a potential slowdown in interest rate cuts has sent jitters among investors and resulted in significant sell-off across various sectors, including technology and IT firms.

As stock prices took a hit on trading floors today November 18th, our market experts point to robust data releases from earlier this week, indicating that the US Federal Reserve would likely slow down its pace of interest rate cuts. The unexpected slowdown has impacted several equity-rich companies, further fuelling sell-off across the board.

Nifty IT index was seen slumping by over 280 points from an opening level of 20,150, reaching new lows at around 19,875 in mid-afternoon trading on November 18th.