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Infosys, Wipro fall while TCS and Coforge gain as rupee depreciates to a record low

Infosys, Wipro fall while TCS and Coforge gain as rupee depreciates to a record low

Infosys, Wipro fall while TCS and Coforge gain as rupee depreciates to a record low
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By Nishtha Pandey  Sept 22, 2022 3:12:09 PM IST (Updated)

Sources within the dealing rooms told CNBC TV-18 yesterday that technology names are witnessing some buying interest from institutional investors. IT has been one of the worst-hit sectors this year, falling over 27 percent, and underperforming the benchmark Nifty 50 index. Meanwhile as the pandemic-led boom fades, top IT services companies in India have begun freezing or cutting staff bonuses due to tightening budgets at the US and European clients.

Shares of major IT stocks traded in a mixed bag as the rupee depreciated by 30 paise to a record low of 80.28 against the US dollar on Thursday after the Federal Reserve announced a hike of 75 basis points in the key interest rate — along expected lines.

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The IT sector in India majorly is export-oriented and the fall in the value of the rupee against the US dollar is often seen as an improvement to the growth environment in the sector. After bleeding for a long time NIFTY IT Index is trading in the green, up 0.2 percent, at 26,939 in an overall weak market.
NSE Nifty 50 is down by 0.07 percent and is trading at 17,705 as a result of the rate hike by the Fed.
Dragging the index down, IT major Infosys is currently trading red at Rs 1369, declining 0.4 percent from the previous close on the BSE. In early morning trade the stock hit its 52-week low at Rs.1360.05. Infosys shares have been falling for the last 3 days and with a decline of 1.42 percent in the period.
Shares of Tata Consultancy Services meanwhile are trading in the green, up by 0.7 percent from the previous close on the BSE. Coforge is also trading 1.7 percent higher at Rs 3,381 and L&T technology has risen 1.1 percent dragging the IT index up.
Tech giant Wipro is trading red at Rs 399, down by 0.3 percent from the previous close on the BSE. Tech Mahindra is down by 0.2 percent and HCL Tech is trading at a decline of 0.02 percent.
Sources within the dealing rooms told CNBC TV-18 on Wednesday that technology names are witnessing some buying interest from institutional investors. IT has been one of the worst-hit sectors this year, falling over 27 percent, and underperforming the benchmark Nifty 50 index. Meanwhile, as the pandemic-led boom fades, top IT services companies in India have begun freezing or cutting staff bonuses due to tightening budgets at the US and European clients.
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