Infosys, TCS, Wipro, HCL Tech beaten down even as Sensex, Nifty rally 4 per cent

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Infosys, TCS, Wipro, HCL Tech beaten down even as Sensex, Nifty rally 4 per cent
Tata Consultancy Services: Quotes, News
BSE 2480.15BSE Quote10.9 (0.44%)
NSE 2485.65NSE Quote6.7 (0.27%)
HCL Technologies: Quotes, News
BSE 867.75BSE Quote4 (0.46%)
NSE 871.40NSE Quote6.9 (0.79%)
Shares in software stocks were hammered down mercilessly even as the Sensex rose a staggering 1400 points in trade today ahead of a victory for the BJP led NDA in the elections 2014.

Infosys was down a staggering 5 per cent, while TCS was down almost 3 per cent and Tech Mahindra was down 3.5 per cent. HCL Tech also was trading lower by 2 per cent and Polaris was down 3 per cent in trade.

The sharp declines in software stocks was largely on the back of solid gains in the Indian rupee which rallied to 58.84 against the dollar on hopes of stable government at the Centre under Narendra Modi.

Belief that there would be further gains for the rupee dampened sentiments for technology stocks. A sharp appreciation in the rupee hits revenues and margins for software stocks, which are already reeling under growth concerns.

GoodReturns.in

Read more about: infosys, tcs, hcl tech, sensex, nifty, bjp
Story first published: Friday, May 16, 2014, 10:34 [IST]
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