Mumbai: Paring its early gains, the Bombay
Stock Exchange benchmark Sensex on Wednesday declined by 152 points after heavy selling in IT shares on concerns that firming rupee will hit the revenues of software companies.
The 30-share index, which had gained 162 points during the day, closed at 16,806.66 points, a loss of 151.88 points
over last close.
The wide-based National Stock Exchange index Nifty lost
41.65 points at 4,985.75. It touched the day's high of 5,077
points and a low of 4,972.95 points.
Brokers said the rupee which traded below 47 level today
against the US dollar triggered the selling in IT stocks.
Software exporters earned over 50 per cent of revenue from the
US market and rising rupee hit their profitability.
The IT sector index suffered the most losing 2.74 per
cent to 4,421.27 as shares of TCS, Wipro and Infosys
Technologies, which are scheduled to announce their results on
October 9, fell sharply.
Sensex-related Bharti Airtel declined after its rating
was cut by Macquarie Group to "underperform" from
"outperform."
Bureau Report
First Published: Wednesday, October 07, 2009, 16:59