The Nifty IT index declined 2% on Tuesday as selling pressure seen in HCL Tech
, Oracle Financial Services Software (OFFS)
, Tata Elxsi
, and Tech Mahindra
Shares of HCL Tech, which declined 3%, were leading the index’s fall. Shares of TCS and OFFS also contributed to the fall, slipping 2% each. Shares of MindTree, Tech Mahindra, Infosys, and Infibeam
also declined 1% each.
Notably, Wipro was trading 1% higher after the company fixed June 21, 2019, as the record date for the proposed buyback of shares.
The index’s fall could also be attributed to appreciation in the domestic currency
. The Indian rupee extended its gain for the second consecutive trading session on Tuesday. The currency appreciated 26 paise to trade at day’s high level of 69 against the greenback. The domestic unit gained 16 paise to open at 69.10/$.
On Monday, the currency gained 44 paise to close at 69.26/$.
Meanwhile, equity benchmark indices were trading in the red on Tuesday with the Sensex declining 180 points at 40,087 levels. The Nifty dropped 72 points to trade at 12,016 levels.