Eight IT shares fell by 0.25% to 2.51% at 10:31 IST on BSE on profit booking after the rupee strengthened against the dollar in morning trade today, 5 September 2013.
TCS (down 2.51%), Infosys (down 2.50%), HCL Technologies (down 1.66%), Hexaware Technologies (down 1.48%), MphasiS (down 0.72%), Wipro (down 0.64%), Tech Mahindra (down 0.55%) and CMC (down 0.25%), edged lower.
The BSE IT Index was down 2.13% at 7,923.52. It underperformed the Sensex, which was up 2.27% at 18,988.15.
The BSE IT Index had outperformed the market over the past one month till 4 September 2013, rising 7.73% compared with the Sensex's 3.11% decline. The index had also outperformed the market in past one quarter, soaring 32.74% as against Sensex's 5% fall.
The Indian rupee jumped against the US dollar after new Reserve Bank of India governor Raghuram Rajan on Wednesday, 4 September 2013, announced a spate of measures to defend the currency.
The partially convertible rupee was at 66.10 per dollar compared with its close of 67.0650/0750 on Wednesday.
Also Read
A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
Powered by Capital Market - Live News