Indian IT stocks set for worst session in six weeks ahead of Fed rate verdict
** IT cos .NIFTYIT drop about 3% ahead of Fed rate decision and commentary later in the day; eye worst session in 6 weeks
** All ten constituents of IT index decline; Indian IT firms earn a chunk of their revenue from the U.S
** Top five Nifty 50 losers are all IT stocks - biggest being Tata Consultancy Services TCS.NS, which is down 3.5%
** Markets are waiting to see how Fed balances risks to economic growth and inflation and debates whether to cut rates by 25 bps or 50 bps, says Vikram Kasat, head of advisory of PL Capital, Prabhudas Lilladher
** Fed commentary on economic growth crucial for IT cos, which have been hurt by softness in client spending in the U.S., say analysts
** IT index hit record highs in last two sessions; analysts attribute the drop today to profit booking at all-time high levels
** IT up 18.5% in 2024 vs 17% rise in benchmark Nifty 50 .NSEI
Reporting by Bharath Rajeswaran in Bengaluru
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