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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