Money on the markets

A maturing market amid the mayhem

BSE IT index fall on rupee appreciation

By Kshitij Anand
April 6, 2010
BSE It Index | BSE Sensex | Kshitij Anand

INDIAThe BSE IT Index continued its downtrend from yesterdays trade and ended nearly 1 percent lower on Tuesday.

Outsourcers that get most of their revenue from exports were weighed down by the rupee that strengthened to 19-month-high against the dollar on Monday and looked to climb further, which could squeeze profit margins of the companies.

The decline was mainly led by outsourcer major such as Tata Consultancy Services was down 0.98 percent and rivals Infosys Technologies and Wipro dropped 0.8 percent respectively.

Other stocks includes HCL Technologies down 3.7 pct, NIIT down 2.2 pct and Patni Computer System drops 1.5 pct

The BSE IT index has gained over 2 percent so far in the year.

Do you think appreciating rupee would lead to further downfall in the index?

«
»

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 http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •