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Firm rupee hurts IT stocks

January 7, 2010

Shares of technology firms struggled on Thursday with the sectoral index falling 2.2 percent, as a firmer rupee dented sentiments.

The index ended as the top loser among sectors. Shares in Mphasis ended with losses of 3.2 percent.

Bigger players like TCS, Infosys and Wipro slipped over 2 percent. Only two stocks in the index, Patni and Financial Technologies, closed in the green.

The rupee climbed to 15-month highs on Thursday as foreign banks sold dollars following the U.S. unit’s broad weakness globally.

Would you take advantage of this fall and invest in this sector?

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