NIFTY IT INDEX SLUMBERS DUE TO FED'S POSSIBLE RATE CUT NEWS

New Delhi, November 18, 2024 - The Nifty IT index slipped over 3% in the morning trade today amidst speculation that the US Federal Reserve is likely to slow down its pace of rate cuts. Investors are taking a cautious stance ahead of the Fed's meeting tomorrow, where the central bank is expected to announce its latest interest rate decision.

The 30-share NSE index rose 125 points or 0.33% while the BSE Sensex gained 215 points or 0.34% at around 12:48 PM IST. The market is tracking the development closely as the Fed's announcement may have a ripple effect on interest rates and investments in the global market.

Analysts say that if the Fed lowers its rate cut pace, it could impact investor sentiment and have a bearing on India's economy, which has been facing headwinds from slow growth and inflationary pressures. The rupee too is reacting to the developments, trading 68.75 against the US dollar in the morning session.

Market expert at HDFC Securities said, "The impact of Fed's rate cut news will be felt across the globe, so Indian stocks are also likely to face a slight downward pressure."

The S&P BSE IT Index fell as much as 3.1% before rebounding somewhat but remained below its 20-day moving average as it continued down for the third session running today.

Here's how your favourite companies fared:

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