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Bad day for IT stocks

August 10, 2010

INDIA-STOCKS/CLOSE

Export-oriented software companies shed the most today, with the BSE IT index declining 1.4 percent after the recent rally in IT stocks.

Leading the index decline were heavyweights Infosys, Oracle Finance and TCS, which dropped 1.4 percent, 1 pct and 1.5 percent respectively. TCS and Infosys were the top Sensex losers too.

Overall, the IT index is still in healthy territory – up 2.1 percent for the month and over 7 percent for the year.

Stalwarts TCS and Infosys too have shown good gains, rising over 15 percent and 8 percent respectively for the year.

But what could weigh on sentiments is the appreciation in the rupee and Europe’s economic recovery.

Do you think it is the right time to invest in IT stocks?

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