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    IT stocks TCS, Infosys, Wipro drop as rupee gains ground against dollar

    Synopsis

    A fall in the rupee boosts revenues of domestic firms, which receive dollars for their services. Rupee's weakness also makes them competitive against global peers.

    ETMarkets.com
    NEW DELHI: Shares of IT firms Tech Mahindra and Wipro, among others, were trading with a negative bias on Monday as the rupee strengthened against the dollar after falling to an all-time low last month.

    Falling for the third consecutive day, shares of Tech Mahindra dropped 1.05 per cent to Rs 468.45, while TCS tanked 1.79 per cent to Rs 2,181. For HCL Technologies, it was the fourth day of successive loss. The stock fell 0.94 per cent to Rs 785.90. Wipro fell 1.13 per cent to Rs 454.90. Infosys inched 0.33 per cent lower to Rs 960.90.

    The rupee plunged to an all-time low of 68.86 to the dollar on November 24. A fall in the rupee boosts revenues of domestic companies, which receive dollars for their services. A weakness in the rupee also makes them competitive against global peers.

    “If you have to invest for the sake of investing and you are happy just protecting your capital and not seeking major returns, then investing in IT stocks should work fine for you. At this point of time, you do not see them cracking significantly, nor do you see them appreciating significantly. If there is any downside in the market, then it would best to go for growth companies and consumer-oriented firms, maybe banks,” Dipan Mehta, Member, BSE & NSE, told ETNow last week.



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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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