Nifty IT Today, Nov. 24 -- Indian IT stocks rallied sharply on Monday morning, lifting the Nifty IT index by 1.8% to 37,554.35, as investors priced in a rising probability of a U.S. Federal Reserve rate cut in December. The tech-heavy index remained more than 10% below its peak of 46,088.9, hit in December 2024, but today's uptick brought renewed optimism to a sector that has been under pressure for several quarters.

Four of the top six gainers on the Nifty were IT firms, signalling a broad-based positive sentiment across the technology pack.

The rally followed a substantial shift in global monetary expectations. According to CME's FedWatch Tool, the probability of a December Fed rate cut surged to 70%, up from 44% a week earlier. The s...