IT shares decline on firm rupee

Shares of seven IT companies lost 0.01% to 3.81% at 15:15 IST as Indian currency climbed against the dollar in foreign exchange market.

MindTree (down 3.81%), Mphasis (down 2.45%), Infosys (down 2.25%), Tech Mahindra (down 2.20%), TCS (down 1.80%), Oracle Financial Services Software (down 0.45%), HCL Technologies (down 0.01%) declined.

Meanwhile, Hexaware Technologies (up 1.47%), Persistent Systems (up 0.67%) and Wipro (up 0.56%) advanced.

Meanwhile, the S&P BSE IT was down 1.50% at 15,953.10. It underperformed the Sensex, which was up 0.29% at 37,604.11.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.705, compared with its close of 72.0250 during the previous trading session.

 

A strong rupee affects the revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

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