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IT Stocks Surge as Crude Price Fall Eases Fed Rate Hike Fears

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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.

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