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The appreciating rupee seems to be playing spoil sport at least in respect of one sector — IT — which witnessed some reversal in its stock prices in the markets today with even TCS, which hit an all-time high recently, not being spared.
TCS was down by Rs 22.45 at Rs 1,281.60 on the NSE an hour into trading. HCL Tech lost Rs 10.50 to trade at Rs 559.35 and Wipro shed Rs 4.30 at Rs 373.70.
Infosys, which had run up quite a bit after a rather disappointing first quarter results, was down by Rs 5.30 at Rs 2,588.
The rupee has appreciated by 19 paise to Rs 53.27 against the US dollar this morning.
According to analysts, the rupee could appreciate further because of fund inflows into the country in the wake of a string of announcements made by the Government that had helped reverse the negative impressions about the Government.
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