India's HCLTech missed quarterly revenue estimate on Monday as clients cut back on discretionary tech spending, while the country's third-largest software company also narrowed its revenue growth forecast for the current fiscal year.

Indias third-largest IT services provider, saw its shares fall on Tuesday following third-quarter results that missed revenue forecasts. The company reported a 5.1% rise in

IT company HCLTech on Monday reported a 5.54 per cent uptick in consolidated net profit to Rs 4,591 crore for the December quarter as the CEO expressed optimism for improvement in the demand environment and discretionary spending and raised the revenue growth guidance.

India's wholesale inflation accelerated in December to 2.37% year-on-year, from 1.89% in November, government data showed on Tuesday, but in line with market expectations.

India's inflation declined for a second straight month year on year, coming in just below expectations at 5.22% in December. The cooldown in price growth boosts the case for prospective interest rate cuts.