Indian equity benchmarks slid on Friday to log their worst week in over two months as IT stocks tumbled as HCL Technologies’ warning of a potential slowdown in client spending in the industry’s key U.S. market.

Dear Trader…

Indian equity benchmarks slid on Friday to log their worst week in over two months as IT stocks tumbled as HCL Technologies’ warning of a potential slowdown in client spending in the industry’s key U.S. market. Meanwhile, investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes. Traders ignored private report which stated that India consumer price inflation likely cooled to a nine-month low of 6.40% in November mainly due to a moderation in food prices. Information technology (IT) companies were trading lower after private report warned of further correction in valuations. It said that the current valuation of major Indian IT companies was unsustainable in the light of worsening economic outlook for their biggest market, the US.