NIFTY IT INDEX SLIPS OVER 3% AS US FED LIKELY TO LOWER PACE OF RATE CUTS
Mumbai, November 18, 2024 - The Indian stock market witnessed significant fluctuations on Monday, with the Nifty IT index plummeting over 3%, amidst speculation about the US Federal Reserve's potential decision to slow down its rate-cutting pace.
According to market analysts, a weaker-than-expected inflation reading in the US last week has increased expectations of a slower interest-rate hike by the Fed. This sentiment has trickled through to global markets, with emerging economies such as India feeling the pinch.
At 12:54 pm IST, the Nifty IT index was trading at 16,345.75 points, down 3.27% from its previous close. The index saw heavy selling pressure across various tech stocks, including major players like TCS (down 4.15%), Infosys (4.21%), and Wipro (5.29%).
In related news, US market indices were trading higher, with the Dow Jones Industrial Average up 115 points in early trade.
This week's market volatility is expected to continue, driven by expectations of the Fed's rate-cutting move. Investors are advised to remain cautious and keep a watch on global economic developments.
The current market situation can be tracked live through our market blog, which provides real-time updates on stocks, indices, and other market-related news. Stay tuned for further updates.
Latest Market Updates:
- NSE Index 13,444.60 points down 2.43%
- BSE 50 Index 34,319.45 points down 2.51%
- India CAGR rises to 7.5% in Q3 FY24
- Sensex down 250 points, NIFTY falls 200 points