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IT index down 2 per cent as investors sell TCS, Infosys, Wipro and HCL Tech
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The fall in technology stocks was despite the fact that the rupee dropped to a three week low against the dollar.
TCS was down more than 2 per cent, while Wipro and Infosys were down 1.5 per cent each and HCL Tech dropped almost 3 per cent in trade.
Today's fall was largely on the back of a churning of portfolios by investors from IT to capital goods, infra and banking stocks. Investors have been buying stocks from these sectors on hopes that the economy has bottomed out and there would be fresh impetus to growth by the Narendra Modi led government.
In fact, select stocks from the infra and capital goods space have almost doubled in value, since the start of the year, even as stocks from the IT sector have given negative returns year to date.
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