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

Mumbai, November 18 (ANI): The Nifty IT index plummeted by over 3% in morning trading on Monday, as investors anticipate a slowdown in the pace of interest rate cuts by the US Federal Reserve.

According to market experts, the US Fed is expected to lower its policy interest rates for the seventh consecutive time, which could have a ripple effect on global markets and impact India's own economy. The IT sector has been particularly hard hit due to the expected slowdown in tech spending from large enterprises.

The Indian stock market saw significant volatility as investors sought safe-haven assets amid concerns of a potential trade war between the US and China. The benchmark Nifty 50 index dropped by over 500 points, with gains in the indices of banks, oil & gas, and metals offsetting losses in tech stocks.

As the IT sector struggles to regain its lost momentum, investors are closely watching the Fed's stance on rates. If rates remain unchanged or even rise, it could spell bad news for Indian companies that rely heavily on exports to the US market.

The situation has sent a strong wave of selling through equity volumes with the NSE seeing over 10% decline in trading volumes so far. Experts believe that investors would be watching out for rate cut announcements on Wednesday during the Fed Meet, and would hold off on buying if a surprise rate hike emerges.

Here is a sneak peek at today’s top stocks to watch:

(Basic Data will be provided)