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Indian shares fell notably on Friday, with IT stocks suffering heavy losses after analysts from brokerage Credit Suisse warned of a 10-27 percent valuation-led correction for India’s top four IT companies. <\/p>\n
The current valuations of major Indian IT companies are unsustainable and there is a high risk to revenue cut for financial year 2024 in case the U.S. economy<\/span> tips into a recession, the brokerage firm said. <\/p>\n The benchmark S&P BSE Sensex plunged 682 points in intraday trading before recouping some loss to end the session down 389.01 points, or 0.62 percent, at 62,181.67.<\/p>\n The broader NSE Nifty index closed 112.75 points, or 0.61 percent, lower at 18,496.60, after hitting a low 18,410 earlier. <\/p>\n HCL Technologies slumped 6.5 percent after the company said it expects the revenue growth guidance for financial year 2023 to come at the lower end of its guidance.<\/p>\n TCS, Wipro, Infosys and Tech Mahindra fell between 1.8 percent and 3.5 percent. <\/p>\n Pharma and FMCG shares saw selective buying, with Dr Reddy’s Laboratories, ITC, Sun Pharma and Nestle India rising 1-2 percent. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n