Technology pack loses sheen ahead of US job data

Shares of IT majors have lost between 0.5-2% on the BSE on caution ahead of the key US jobs report which is scheduled to be released later during the day. Further, an appreciating rupee has casted its shadow on the technology stocks.

According to Reuters, the US nonfarm payrolls report is expected to show that employers added 230,000 new jobs last month, and the unemployment rate is seen remaining unchanged at 5.8%.

Currently, the rupee is trading at 61.80/81 versus Thursday's close of 61.9250/9350.

Goldman Sachs said on Thursday that it expected the rupee to significantly appreciate against the euro but remain in a tight range against the dollar. That is because the dollar has been gaining strength against all currencies, led by the US economic recovery.

TCS, HCL Tech, Wipro, Tech Mahindra, Infosys and Mindtree are trading lower between 0.5-2% on the BSE.

Meanwhile at 11.20 AM, the Sensex is up 9 points or 0.03% to trade at 28,572 levels and BSE IT index is quoting at 10921.18 levels down by 138.51 points or 1.25%.