In an otherwise very poor market, the only stocks rising seem to be the IT pack. The top gainers on the BSE are dominated by IT stocks, with HCL Tech leading, up 3.3% at Rs.1535, Tech Mahindra is up 3.27% at Rs.2577 and shrugging off the weak guidance is TCS, also a gainer, up 2.5% at Rs.2421. Infosys is up 1% at Rs.1943.

The entire pack is up as the Indian Rupee vis-à-vis the US dollar hit a 13 month low at 63.45/46 per dollar versus its Monday's close of 62.94/95. The unit earlier dropped as low as 63.46, its weakest level since Nov. 13, 2013.

India’s trade deficit widening to 18-month high in November, a rate hike in Russia, downbeat China and falling crude prices, all together played on the rupee.