Money on the markets

A maturing market amid the mayhem

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?

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see