Rupee in today's trade has recorded another milestone by hitting a two-month high and is last quoting with gains of 19 paise at 71.46 per US dollar. While rupee's victory weighed on IT stock and the index overall dropped by as much as 3%.
Among the laggards in trade in the pack include stocks such as Tata Consultancy Services (TCS), Infosys, HCL Technologies, NIIT Technologies, Wipro, Tata Elxsi, Tech Mahindra and Mindtree. These are from the Nifty IT index whereas there are other non-index losers such as Larsen & Toubro Infotech, Sonata Software, KPIT Technologies, Zensar Technologies, Hexaware Technologies, L&T Technology Services, Persistent Systems and Mphasis who have also lost in price on the back of strength in the domestic currency.
It is to be noted that the currency and debt markets are closed today on account of 'Eid-e-Milad'.
Stock market experts given the dispersed state of performance in IT stocks give preference to large cap IT stocks over mid and small cap IT stocks.