The Nifty IT Index dropped over half a percentage in Thursday’s afternoon trade after the Indian rupee appreciated beyond the 70-mark against the dollar.
Shares of Infibeam, Wipro, Infosys, Tech Mahindra, and HCL Tech.
The Indian rupee appreciated by 34 paise at 69.94 against the dollar. The currency gained 20 paise to open at 70.08/$ compared to the previous close of 70.28/$. The appreciation could be attributed to lower crude oil prices in global markets.
Shares of Infibeam and Wipro, which dropped 2% each, were leading the index’s fall. Shares of Infosys, Tech Mahindra, Oracle Financial Services Software, and HCL Tech dropped 1% each.
However, the index’s fall was cushioned by buying in Tata Elxsi, which gained 3%. Shares of NIIT Tech, Mindtree, and TCS also climbed 1% each.
Meanwhile, equity benchmark indices were trading on a flat note after witnessing a sharp rally in the past three consecutive trading sessions. The Sensex was trading 29 points higher at 36,665 levels, while the Nifty fell 3 points at 11,050 levels.
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