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

In a move that's sending ripples across the stock market, the Nifty IT index plummeted by over 3% on November 18, 2024, amidst concerns of an impending tightening in monetary policy. The US Federal Reserve is widely expected to lower its pace of rate cuts at its upcoming meeting.

Market experts point out that while rate hikes have already been a norm since October 2022, expectations of a pause or slowdown in further tightening have been fueling the current volatility. The Nifty IT index, comprising shares from technology companies, has been particularly affected by this uncertainty.

As investors nervously watch for signs indicating a reversal of rate cuts, key benchmarks are witnessing an influx of selling pressure. Despite having registered some gains earlier on, the trend seems to be shifting towards selling mode in the broader market now.