The Nifty IT index declined by ~1% on Tuesday as the rupee appreciated against the dollar. Appreciation in the Indian rupee could be attributed to the weakness in USD.
The local unit rose 7 paise to 70.98/$ amid softening crude oil prices and weakening of the greenback against other currencies overseas.
Shares of Just Dial slipped 3.5%, followed Mindtree which dropped 2%. NIIT Tech and TCS fell by 1.4% each.
Further, selling pressure in HCL Tech, Wipro, Tech Mahindra and TCS contributed to the index’s fall.
However, shares of Tata Elxsi, Hexaware and Infosys were trading slightly higher on the Nifty IT index.
Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 87 points at 40,399 levels. The Nifty also dropped 24 points at 11,913 levels.
On the economy front, the market participants will be keeping an eye on inflation and industrial production number.
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