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The Nifty fell nearly one per cent on Wednesday to its lowest close in about one-and-half months as software stocks slumped after the rupee hit a one-month high.
Indian IT exporters were hurt by the rupee that strengthened above 60 a dollar on Wednesday, boosted by gains in other Asian currencies and corporate greenback sales.
A ratings downgrade by UBS on India's second largest IT services exporter, Infosys, also weighed on BSE sub-index for IT stocks, which fell 2.5 per cent to its lowest close since December 9, 2013.
The broader Nifty fell 0.93 per cent, or 62.75 points, to end at 6,652.55, its lowest close since March 27, also closing below the psychologically important 6,700 level. The benchmark BSE Sensex lost 0.82 per cent, or 184.52 points, to end at 22,323.90, its lowest close since April 16.
Infosys slumped 3.1 per cent after UBS downgraded it to 'sell' from 'buy', saying a turnaround at the IT outsourcer could take longer than expected. TCS fell 1.5 per cent, Wipro ended down 1.7 per cent and HCL Technologies lost 4.5 per cent.
The stronger rupee also weighed on other exporters: Cipla fell 2.1 per cent, while Lupin ended down 1.2 per cent.
Among other blue-chips Housing Development and Finance Corp fell 2.8 per cent, while ITC ended down 0.4 per cent.
Bucking the trend, Gujarat Pipavav Port surged seven per cent after earlier hitting a record high of Rs 106.45 after the port operator reported a 72 per cent surge in January-March net profit.
