IT stocks lose as rupee gains

IT companies crowd the top losers list on the BSE currently, led by Tech Mahindra, TCS and Wipro, all three down by almost 3%.

IT stocks have lost ground on the fact that the Indian rupee vis-à-vis the US dollar strengthened above Rs.61/US $, which is almost  a 3-month high. This surge in rupee was on the back of huge FII buying, which sent the Indian bourses into a tizzy yesterday and today too. FIIs bought Indian equities worth Rs.1273 core yesterday, which was recorded as the biggest purchase since Dec 19th. Today is their 16th straight session of buying.