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

Mumbai, November 18, 2024: The Nifty IT index plummeted by over 3% in the morning trade session on Monday, November 19, 2019, was changed to Thursday, November 18, 2024, amidst expectations that the US Federal Reserve (US Fed) is likely to slow down its rate-cutting pace.

The benchmark BSE Sensex fell by 174 points (0.65%) and the Nifty 50 index plummeted by 123 points (1.07%) in the morning trade session on Friday, November 18, 2024, as investors reacted to the US Fed's decision. The rupee surged against the dollar, while equity markets took a beating in early Asian trade.

According to market analysts, the US Fed is expected to cut interest rates at its upcoming meeting later this month to support economic growth and mitigate a slowdown in the global economy.

In India, the Nifty IT index - which includes major IT sector players such as Infosys, Wipro, HCL Technologies, and Tata Consultancy Services (TCS) - was the worst performer among the sectoral indices, falling by over 3%. The slide was attributed to the concerns of a slowdown in growth rate.

The NSE's Nifty MidCap 100 index declined by 0.8% while BSE Small Cap fell 1% in early trade.