IT stocks came under pressure on Monday after US Federal Chair Jerome Powell’s comments suggesting a slowdown in interest rate cuts. Powell highlighted persistent inflation and a strong economy, allowing the Fed to approach decisions cautiously. Indian IT stocks, sensitive to US market moves, saw declines of up to 5%, with major companies like LTIMindtree and Wipro hit hardest.
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Equity benchmarks closed the last week on a subdued note, ending with modest losses amid heightened volatility. The current holiday-shortened week is expected to be
April 15, 2025