Nifty IT Index Slips Over 3% as US Fed Likely to Lower Pace of Rate Cuts

Mumbai, November 18, 2024: The Indian stock market plummeted by over 3% in the morning trade session on Monday, with the Nifty IT index being the hardest hit. The sell-off was attributed to concerns that the US Federal Reserve will lower the pace of rate cuts at its upcoming policy meeting.

According to market analysts, a slowdown in economic growth and increasing inflationary pressures led the Fed to reconsider its current monetary policy stance. This sparked a wave of selling across the Indian market, with shares of technology companies being particularly affected.

The benchmark Nifty was down 230 points or 0.75% to trade at around 30,840 levels by 12:54 PM IST. The sensex was also trading in red, down by over 200 points or 0.65%.

Shares of IT majors like Infosys, Wipro, and Tech Mahindra were among the top losers on the index, with prices plummeting anywhere between 2-6%.