** Australian technology stocks .AXIJ rise as much as 2.2%, while the broader benchmark .AXJO trades 0.2% higher

** Sub-index hits highest level since November 18, on track for second straight session of gains

** Nasdaq Composite .IXIC closed higher as increased bets of a U.S. Fed rate cut in December helped investors look past concerns of lofty tech valuations .N

** Index leaders WiseTech Global WTC.AX and Xero XRO.AX rise 0.7% and 0.6%, respectively

** YTD, AXIJ down 15%, lagging behind a 4.6% rise on AXJO

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))