Rajnath Singh refuses to pinpoint blame about 'rumours' on son

Rajnath Singh refuses to pinpoint blame about 'rumours' on son

There has been some reports of Rajnath Singh's son being ticked off by PM Narendra Modi...
New Flight MH 370 theory

New Flight MH 370 theory

Malaysia Airlines Flight MH370 may have turned south earlier than previously thought

IT stocks fall as much as 5% on strong rupee

Mar 07 2014, 18:51 IST
Comments 0
SummaryShares of Wipro lost 3.25 pct, while Infosys was down by 2.47 pct and TCS went down by 0.72 pct on the BSE.

Bucking strong market sentiments, IT stocks today fell by as much as 5 per cent as the Indian rupee strengthened against the dollar.

Shares of Wipro lost 3.25 per cent, while Infosys was down by 2.47 per cent and Wipro went down by 0.72 per cent on the BSE Sensex.

Among others, Tech Mahindra's shares plunged 4.61 per cent, Hexaware Technologies slumped 3.60 per cent and HCL Tech fell by 0.41 per cent.

Tracking the losses in these stocks, the BSE IT index lost 1.97 per cent to settle at 9,520.

"Despite the strength in the index, IT stocks were under pressure as the rupee strengthened to reach near 61 level against the dollar," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

A firm rupee affects the operating profit margins of IT firms as the sector derives huge chunk of revenue from the US market.

Meanwhile, in a strong stock market, the BSE benchmark Sensex ended at 21,919.79, up 405.92 points.

Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...