IT stocks in the red

The list of losers today is led by IT stocks – Infosys is down over 2% and so is Tech Mahindra, also down over 2%, TCS is also down 1%, HCL is down over 1% and Wipro is also down over 2%.

IT stocks are in the red as the rupee today  morning has today appreciated by 41 paise post the Modi win, soaring to a 10-month high at Rs.58.88. Expectations of a stable Govt at the Center, gaining further on sales of the US currency by banks and exporters. The mood on Mint Street is that Modi’s win will push the rupee up further , though most confer that the highest level on could see would be around Rs.57 and not below that. A rising rupee is good for the confidence but for for exporters, this is not good news.