NIFTY IT INDEX SLABS OVER 3% AS US FED LIKELY TO LOWER PACE OF RATE CUTS

In a significant development in the Indian stock market, the Nifty IT index suffered an unexpected fall of over 3% today due to concerns surrounding the upcoming rate cut announcement by the US Federal Reserve.

According to market analysts, the probability of the US Fed lowering its pace of rate cuts has increased, sending shockwaves through global markets and causing losses for Indian stocks linked to the tech sector. The Nifty IT index, which comprises leading technology companies such as Infosys, Wipro, and Tech Mahindra, among others, took a hit due to this sentiment.

As the market continues to track developments in the US economy, investors are closely watching for further cues from the Fed's quarterly policy meeting scheduled on November 20, 2024. A potential adjustment to the pace of rate cuts could have significant implications for Indian stocks, including those listed in the Nifty IT index.

Stay tuned to Mint Market Blog for real-time updates and analysis as this story continues to unfold.