Information technology (IT) research firm Gartner has reduced its growth forecast for global IT spending to 1.4 per cent or $3.5 billion in 2017, due to a strong dollar. In January, the forecast was 2.7 per cent.
The forecast had an impact on the Indian market, with investors selling IT stocks.
While shares of large firms such as Infosys, HCL Technologies, Wipro dropped by 2.88 per cent, 1.91 per cent and 1.64 per cent, respectively, Tata Consultancy Services remained relatively stable, with a 0.25 per cent decline on the BSE.
Stocks of small IT firms such as Cigniti Technologies, NIIT Technologies, Cyient Technologies,
