The Hindu Business Line : IT stocks see funds’ selling

Even when the market was resilient on the back of strong global cues, one sector that bucked the general trend on Monday was IT. The BSE IT index slipped 0.91 per cent and CNX IT weakened by 0.51 per cent, with bellwether stocks Infosys, Satyam and Wipro finishing in the red. According to market players, a major foreign fund having exposure to IT stocks is said have offloaded quite heavily expecting ‘downgrade’ report from institutions. Even domestic funds join ed it in the selling spree, they said. On the back of appreciating rupee and expectation of easing US economy, Indian IT counters would be re-rated (downwards), said market sources. Infosys shed open interest positions in the F&O segment, signalling waning investors’ interest.

K.S. Badri Narayanan

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