Mumbai, Nov. 24 -- The Nifty IT index climbed 1.19% to 37,325.80 after sliding 0.43% over the previous two sessions.
Tech Mahindra led the pack with a 3.32% jump, followed by Coforge at 1.65%, Infosys at 1.53%, Mphasis at 1.50%, Persistent Systems at 1.24%, LTIMindtree at 1.18%, Wipro at 1.17%, HCL Technologies at 0.82% and Oracle Financial Services Software at 0.61%. Tata Consultancy Services was the lone laggard, easing 0.11%.
The rally mirrored the surge in US Fed rate cut expectations. The probability of a December move has shot up to 70% from 44% a week ago, based on CME's FedWatch Tool. Lower US rates generally lift economic activity, especially tech spending, and also enhance the appeal of emerging markets like India, which in turn...