A maturing market amid the mayhem
Strengthening rupee hurts IT counters
Hurt by an appreciating rupee, the BSE IT index slipped 1.7 percent on Monday and ended as the worst sectoral performer among indices. The benchmark Sensex however ended 66 points higher on hopes of good earnings.
Top sectoral losers NIIT and Mphasis ended down 3.7 percent and nearly 3 percent respectively.
Bigger players too had a bad day, with stocks like Infosys and TCS slipping 2.2 percent and 1.7 percent respectively.
D H Pai Panandiker, president of RPG Foundation, is of the view that the rupee will harden further to 42 versus the dollar if the Reserve Bank does not intervene.
The BSE IT index has gained 4.7 percent this month. In the current scenario, will you buy or sell stocks in this sector?