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Infosys, Tech Mahindra, Wipro, TCS, HCL Tech shares plunge on stronger rupee

Benchmark indices BSE Sensex and NSE Nifty rose after the US Federal Reserve left interest rates unchanged and slowed the pace of future hikes on Wednesday.

By: | New Delhi | Updated: September 22, 2016 11:28 AM
BSE Sensex, NSE Nifty, IT stocks, Infosys, Wipro At 11.13 am, Indian rupee was trading higher by 17 paise at 66.85 against the US dollar due to selling of American currency by banks and exports amid foreign fund inflows.
(Photo: Reuters)

Despite a firm trend in global equity markets, shares of software companies were trading in red in the morning trade on account of stronger rupee. Nifty IT index slipped as much as 0.40 per cent, whereas the NSE Nifty index rallied over a percentage point on Thursday. At 11.11 am, Nifty IT index was down 0.37 per cent at 10,417.45. Software majors such as Infosys, HCL Technologies, TCS, Wipro and Tech Mahindra were down by 0.17 per cent, 0.39 per cent, 0.47 per cent, 0.52 per cent and 0.76 per cent, respectively, at the same time.

Benchmark indices BSE Sensex and NSE Nifty rose after the US Federal Reserve left interest rates unchanged and slowed the pace of future hikes on Wednesday. At 11.13 am, Indian rupee was trading higher by 17 paise at 66.85 against the US dollar due to selling of American currency by banks and exports amid foreign fund inflows.

Foreign institutional investors (FII) stood net buyers in the equity and debt segment on Wednesday, according to the data released by the NSDL. In equity segment, FIIs gross purchase stood at Rs 4,551.11 crore against gross sales of Rs 3,445.40 crore. Thus, FIIs stood as net buyers of Rs 1,105.71 crore in equities. In the debt segment, the gross purchase was of Rs 1,280.64 crore with gross sales of Rs 1,214.76 crore. Thus, FIIs stood as net buyers of Rs 65.88 crore in debt.

Rest all other sectoral indices were trading in positive terrain in morning deals. Nifty Bank index, Auto, FMCG, Metal, Pharma and Realty were up by 1.37 per cent, 1.36 per cent, 0.41 per cent, 1.13 per cent, 0.90 per cent and 1.04 per cent, respectively. (at 11.18 am)

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