Eight IT shares fell by 0.02% to 1.30% at 10:31 IST on BSE as rupee edged higher against the dollar today, 25 March 2014.
Hexaware Technologies (down 1.30%), Wipro (down 1.07%), Tech Mahindra (down 0.69%), TCS (down 0.48%), CMC (down 0.38%), MphasiS (down 0.31%), Infosys (down 0.28%) and HCL Technologies (down 0.02%), edged lower.
The S&P BSE IT index was down 0.43% at 8,832.10. It inderperformed the S&P BSE Sensex, which was down 39.60 points, or 0.18% at 22,015.88.
The S&P BSE IT index had underperformed the market over the past one month till 24 March 2014, falling 6.94% compared with the Sensex's 5.98% rise. The scrip had also underperformed the market in past one quarter, sliding 1.03% as against Sensex's 4.86% rise.
In the foreign exchange market, the rupee edged higher against the dollar, tracking broad global losses in the dollar. The partially convertible rupee was hovering at 60.5350, compared with its close of 60.77/78 on Monday, 24 March 2014.
A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
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