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

Mumbai, November 18, 2024: The Indian stock market witnessed a decline in the afternoon session with the Nifty IT index taking a hit, tumbling over 3%, as market investors reacted to the expected decision by the US Federal Reserve.

According to industry experts, due to anticipated interest rate cuts by the US Fed, investors became cautious and sold stocks that were heavily reliant on US growth. The US Fed is expected to signal its intent to slow down its pace of rate hikes at its upcoming policy review, which may provide a positive cue for global markets.

The benchmark NSE index fell by 1.38% in the ongoing session, with key gainers including Reliance Industries and Tata Consultancy Services (TCS) that benefited from the strong earnings outlook announced recently.

However due to rising stock trading fears amid US Fed policy decision, on the other hand sector wise NIFTY IT index is slipping under pressure due mostly negative impact of expectation regarding slowdown in US economy.