Goldman Sachs trims its global technology spending forecast to 3 percent from 4 percent for calendar year 2012 after its June annual survey of the industry.
Goldman has said to expect lower GDP growth in advanced economies and a lower global fixed investment forecast.
Investment bank says survey results consistent with its views for "modest" fiscal 2012-13 earnings for Indian IT services large caps: forecasts 10 percent US dollar revenue growth vs 18 percent in fiscal 2012 ended in March.
Goldman prefer HCL Technologies, reiterates "buy" rating, on expectations for better growth and revenue after $2.5 billion in deals over the past six month.
Adds HCL Tech trading at a 22-23 percent discount to its eight-year historic average and other large caps.