Nifty IT declines 1% led by Wipro, Infibeam, HCL Tech

Shares of Wipro and Infibeam, which dropped 4% and 3%, respectively, were leading the index’s fall.

Mar 08, 2019 02:03 IST India Infoline News Service

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The Nifty IT index declined 1% on Friday amid heavy selling in Wipro, Infibeam, HCL Tech, and Infosys.

Further, appreciation in the Indian rupee kept the IT index under pressure. The Indian rupee appreciated 17 paise to trade at the day’s high of 69.83 against the dollar. The domestic unit depreciated 18 paise to open at 70.18 against the dollar compared to the previous close of 70/$.

Shares of Wipro and Infibeam, which dropped 4% and 3%, respectively, were leading the index’s fall. Shares of HCL Tech dropped 2%, while those of Infosys fell 1%.

However, the index’s fall was cushioned by Tata Elxsi and TCS, which gained 1% each.

Meanwhile, equity benchmark indices were trading in the red on Friday. The Sensex dropped 106 points to 36,620 levels and the Nifty dropped 42 points to trade at 11,016 levels, well below its key level of 11,050.

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