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IT stocks slide on rupee appreciation

Capital Market 

Five IT stocks lost 0.02% to 1.45% as Indian currency firmed up against the dollar in foreign exchange market.

Infosys (down 1.45%), TCS (down 1.15%), Persistent Systems (down 1.04%), Tech Mahindra (down 0.33%) and HCL Technologies (down 0.02%) edged lower. Meanwhile, Oracle Financial Services Software (up 5.53%), Mphasis (up 1.37%), MindTree (up 1.34%), Wipro (up 1.01%) and Hexaware Technologies (up 0.56%) edged higher.

Meanwhile, the S&P BSE IT was down 1.17% at 15,567.18. It underperformed the Sensex, which was up 5.19% at 37,965.13.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.0425, compared with its close of 71.34 during the previous trading session.

A firm rupee adversely affects operating profit margin of IT firms as the sector derives a lion's share of revenue from exports.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 20 2019. 15:22 IST