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.
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