IT Stocks Surge as Crude Price Fall Eases Fed Rate Hike Fears
The Nifty IT index surged over 2% on Monday, led by gains in Infosys, Tech Mahindra, HCLTech, and TCS.
This rally was fueled by a decline in crude oil prices, which eased inflation concerns and reduced expectations of a US Federal Reserve interest rate hike.
According to CME FedWatch data, markets were pricing in a 33.7% probability of a 25-basis-point rate hike at the Fed's policy meeting concluding on Wednesday, down from 37.4% on Friday.