The Nifty IT Index dropped 2% in morning trade on Friday as the Indian rupee appreciated against the dollar. Shares of MindTree, Tata Elxsi, Infosys, Tech Mahindra, and Infibeam led the index’s fall.
The Indian rupee snapped two-day fall and appreciated 25 paise against the dollar to open at 69.95 on Friday. The appreciation is on the back of a weak dollar and declining crude oil prices in the global market.
On Thursday, the local unit declined for the second straight session on overseas fund outflows amid rising trade deficit worries. It ended lower by 2 paise to 70.20 against the dollar.
Shares of MindTree and Tata Elxsi, which declined 5% and 4% respectively, were leading the index’s fall, followed by TCS, Infosys, HCL Tech, Tech Mahindra, NIIT Tech, Wipro, and Infibeam, which declined 2% each.
Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 77 points at 35,447 levels. Nifty dropped 24 points at 10,647 levels.
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