LTIMindtree, Wipro, and other IT stocks crack up to 5% amid Powell’s indication of slower rate cuts

November 18, 2024

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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