Nifty IT index declines ~2% led by Infosys, HCL Tech, TCS

Appreciation in the Indian rupee also kept the index under pressure.

Feb 12, 2019 06:02 IST India Infoline News Service

The Nifty IT index declined 2% in Tuesday’s trade led by Infosys, HCL Tech, TCS, MindTree, and Tech Mahindra. Appreciation in the Indian rupee also kept the index under pressure.

The Indian rupee breached its crucial level of 71/$ and depreciated 21 paise to trade at 70.97/$. The domestic currency opened 3 paise lower at 71.21/$ compared to its previous close of 71.18/$. The appreciation was on the back of easing crude oil price in global markets and a marginal weakness in the dollar against its major peers.

Shares of Infosys, HCL Tech, TCS, and MindTree, which declined 2% each, were leading the index’s fall. Shares of Tech Mahindra, Tata Elxsi, and Wipro also dropped 1% each.

Meanwhile, equity benchmark indices were trading on a flat note with the Sensex declining 15 points at 36,374 points. Nifty fell 3 points to trade at 10,885 levels.

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