Indian stocks declined on Monday, led lower by a weakening technology sector, as the country’s benchmark NIFTY 50 index pulled back from its all-time highs hit late last week.

As Bloomberg notes, growth in India’s tech space may be tough to come by in the near term:

“Growth rate for the technology industry has come off,” Rahul Jain, vice president for research at Mumbai-based Systematix Shares & Stocks Ltd. said by phone. “Unless there is visibility of growth, these stocks will underperform despite that the valuations are attractive.”

The NIFTY had broken above the 9,000 mark for the first time in history last week. That move marked a very bullish signal for Indian stocks, according to some analysts. Still, markets don’t just move straight up, so a periodic pullback or consolidation is a healthy part of a larger bullish move.

On the ETF side of things in the U.S. markets, the iShares MSCI India ETF (BATS:INDA) was trading at $31.15 per share on Monday morning, up $0.03 (+0.10%). Year-to-date, INDA has gained 16.19%, versus a 5.99% rise in the benchmark S&P 500 index during the same period.

INDA currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #3 of 80 ETFs in the Asia Pacific Equities Ex-China ETFs category.

INDA is the largest India equities-focused fund in the U.S. marketplace, counting over $4.5 billion in assets under management (AUM). Other major ETFs in the space include the WisdomTree India Earnings Fund (EPI) with $1.5 billion in AUM, and the $841 million iShares India 50 ETF (INDY).

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