BENGALURU, March 15 Reuters India39;s bluechip indexes fell on Friday, dragged by information technology stocks on concerns about delays in U.S. rate cuts, while small and midcap stocks declined as stress test results of mutual funds trickled in.

The bluechip NSE Nifty 50 index lost 0.63 to 22,004.71, while the BSE Sensex shed 0.57 to 72,677.84, as of 1015 a.m. IST.

The benchmarks have each lost about 2 this week, and are set for their worst week since the end of October.

IT stocks declined 1.1 following a hotterthanexpected U.S. inflation reading, which fuelled worries over the Federal Reserve39;s future rate trajectory.

IT companies earn a major share of their revenue from the U.S.

The U.S. inflation data has clearly sparked concerns of delay in the onset of Fed rate cut, weighing on sentiment across global stocks, said Neeraj Dewan, director at Quantum Securities.

Oil marketing companies such as Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation dropped between 3 and 6 after announcing reductions in petrol and diesel prices.

The cut would hurt nearterm sentiment on the stocks, analysts at Citi Research said, adding that any meaningful pullback could be a buying opportunity.

The broader, more domesticallyfocussed small and midcaps lost 0.6 and 1, respectively as stress test results of mutual funds in the segments trickled in.

Including the day39;s losses, they have declined about 6.3 and 5 for the week, and are set for…