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Shares of select IT companies are trading on a cautious note ahead of the US job data. The job data is closely monitored by the traders as it reflects the economic growth of the country since strong numbers may give room to the Fed for interest rate hike.
Meanwhile, the International Monetary Fund (IMF) has urged the US central bank to postpone its interest rate hike until 2016 stating the economic growth of the country has slowdown.
At 10.30 AM, rupee has recovered 8 paise to 63.92 against the US dollar today at the Interbank Foreign Exchange on selling of the dollar by exporters and banks which has hurt the sentiments.
The BSE IT index is trading 0.6% lower or 68 points down at 10,724.32 levels at 10.30 AM. Some of the prominent losers include Tech Mahindra, Infosys, Mphasis, NIIT Tech, TCS, Hexaware Tech, Mindtree down between 0.4-2% on the BSE.
Shares of TCS are trading lower by 1% after the stock turned ex-dividend today for final dividend of Rs 24 per share for the year ended 31 March 2015.
The shareholders of Infosys approved the transfer of its Finacle and Edge Services businesses to its subsidiary Edgeverve Systems for a total consideration of up to Rs 3,620 crore.
Also, the shareholders have approved issuance of "bonus shares/stock dividend" in 1:1 ratio and to increase the company's authorized share capital, according to BSE filing.
