In trade today, when markets have tumbled reversing the upside move of the last few days and broader markets outperforming, with Nifty Midcap 100 up by over 0.9 percent at the time of writing this report. It is the IT pack that is the top laggard with the Nifty IT index moving lower by as much as 1.27 percent.
Individually, the sector is weighed down owing to losses in all but one IT stock. The only stock from the pack trading in the positive territory is Oracle Financial Services.
The stocks of L&T Infotech, Mindtree, Tech Mahindra, Mphasis are trading lower between 1.5 percent to 2.7 percent. While other stocks from the pack including the likes of HCL Tech, Infosys, TCS, Wipro, Coforge are down by more than 1 percent.
Weakness in the IT stocks may probably be due to the recent appreciation in the rupee currency against the dollar. The rupee currency was last quoting at 73.2 per US dollar.