IT stocks in red despite Sensex breaching 25,000
Even as the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange scaled a new high above 25,000 points and a majority of the stocks rallied, major IT companies' scrips were in red and the sectoral index fell 196.02 points Friday.
The IT scrips went down as the Indian rupee strengthened to 58.61 against a dollar, the strongest position in over 10 months, on huge foreign capital inflow in equities markets.
Major IT stocks which slumped were: Infosys, down 2.83 percent at Rs.3,177.85; Wipro, down 2.61 percent at Rs.502.85 and Tata Consultancy Services, down 1.64 percent at Rs.2,157.55.
The Sensex touched the record high of 25,375.63 points as vote count showed Narendra Modi-led Bharatiya Janata Party (BJP) is set for a landslide victory in the general elections.
(Posted on 16-05-2014)