Shares of IT majors led by Infosys and Tata Consultancy Services (TCS) washed out initial gains and fell on profit-booking by investors in afternoon trade on Wednesday.
Market analysts said IT stocks have been in the spotlight for the last couple of days with rupee hovering around its all-time low levels. On Wednesday, the counter witnessed heavy selling by investors, erasing early gains.
While the
Infosys scrip was trading 2.07 per cent lower at Rs 2,944.90 in afternoon trade, Tata Group firm
TCS was trading 0.88 per cent lower at Rs 1,720 after hitting an intra-day low of Rs 1,701 at the Bombay Stock Exchange.
Among other IT majors,
HCL Technologies tanked 1.74 per cent, before recovering marginally to trade 0.82 per cent down at Rs 891 in afternoon session.
Wipro shares staged a recovery too, having drop 1.26 per cent, before trading 0.04 per cent down at Rs 447.50.
The rupee was down eight paise at 63.33 against the US dollar in early trade after the Reserve Bank of India (RBI) announced fresh measures to curb volatility and ease liquidity situation. It had ended 12 paise lower at 63.25 on Tuesday after hitting a fresh low of 64.13 during intra-day trade.
Meanwhile, the
BSE Sensex was trading 69.79 points down at 18,176.25 at the same time.
With inputs from PTIDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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