Nifty IT Index Takes a Dives: Slips Over 3% Ahead US Fed Rate Cut Decision

Mumbai, Nov 18 (ANI): The Nifty Information Technology index plunged by over 3 per cent early in the day, ahead of US Federal Reserve's expected decision on its monetary policy.

According to market analysts, investors will be closely monitoring the outcome of the US Federal Open Market Committee (FOMC) meeting as it pertains to the probability of a rate cut for the remaining quarter.

Key stocks taking a hit include InfoSys and HCL Technologies as investors anticipated a slowdown in growth prospects due to concerns about higher interest rates.

On Dalal Street, benchmark indices opened weak on the day. The BSE Sensex dropped 343 points during opening minutes, while Nifty fell by 105 points, before rebounding partially later in the day.

With the Indian Rupee trading steady at around 82 against the dollar, the impact of any rate cut decision is being closely watched to see if it would give a boost to export-intensive IT companies.

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