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Shares of information technology (IT) are under pressure in otherwise strong market as rupee edged higher against the dollar today.
Infosys, Wipro, Tech Mahindra, HCL Technologies and MindTree from IT sector are down between 2-3% on the Bombay Stock Exchange (BSE). The benchmark S&P BSE Sensex was up 1.9% at 1320 hours.
A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
On the foreign exchange market, the rupee edged higher against the dollar as the Bharatiya Janata Party (BJP) prime ministerial candidate Narendra Modi on course for an absolute majority in the Lok Sabha polls.
The partially convertible rupee was hovering at 58.90, compared with its close of 59.29/30 on Thursday, 15 May 2014. The rupee hit a high of 58.62 during intra-day today.
Meanwhile, Dr Reddy’s Laboratories, Glenmark Pharmaceuticals, Cipla, Cadila Healthcare and Alembic Pharmaceuticals from the pharma sector too trading lower by up to 2% each.
Infosys, Wipro, Tech Mahindra, HCL Technologies and MindTree from IT sector are down between 2-3% on the Bombay Stock Exchange (BSE). The benchmark S&P BSE Sensex was up 1.9% at 1320 hours.
A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
On the foreign exchange market, the rupee edged higher against the dollar as the Bharatiya Janata Party (BJP) prime ministerial candidate Narendra Modi on course for an absolute majority in the Lok Sabha polls.
The partially convertible rupee was hovering at 58.90, compared with its close of 59.29/30 on Thursday, 15 May 2014. The rupee hit a high of 58.62 during intra-day today.
Meanwhile, Dr Reddy’s Laboratories, Glenmark Pharmaceuticals, Cipla, Cadila Healthcare and Alembic Pharmaceuticals from the pharma sector too trading lower by up to 2% each.
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