IT stocks decline up to 4.3% amid stronger rupee

IT stocks fell up to 4.3 per cent Thursday after a rebounding rupee dampened the investor sentiment.

Shares of Hexaware Technologies dropped by 4.29 per cent, HCL Tech 3.73 per cent, Tech Mahindra 3.11 per cent, Mindtree 3 per cent, Infosys 2.90 per cent, Wipro 0.47 per cent and TCS 0.15 per cent on BSE.

Led by losses in these stocks, the BSE IT index ended 1.78 per cent lower at 14,273.37.

Shares of IT companies had surged up to 9 per cent Wednesday after the rupee breached the 74 level in intra-day trade.

The domestic currency Thursday made a comeback and gained as much as 35 paise to trade at 73.60 against the dollar (intra-day) at the forex market.

Big IT companies earn a major chunk of their revenues from their US clients and a weak rupee against the dollar positively impacts their profit margins.