The Nifty IT index saw a decline of more than 1 percent on November 28, reaching 43,630, making it the worst performer on the Nifty 50. This drop followed the release of U.S. inflation data, which showed a stronger-than-expected increase in consumer spending for October, raising concerns about potential future rate cuts.

All ten stocks in the index fell between 0.3 percent and 1.3 percent. Consumer spending in the U.S. rose by 0.4 percent in October, surpassing the expected 0.3 percent increase, following a revised 0.6 percent increase in September. This strong growth in consumer spending suggests that the U.S. economy remains robust, although efforts to control inflation seem to have stalled.

The Indian IT sector had previously rebounded by nearly 8 percent in November after experiencing declines of 2 percent in September and 4 percent in October, partly due to the political developments surrounding U.S. President-elect Donald Trump's return to the White House.