IT stocks slip; TCS, Wipro fall over 1% as rupee hits one-month high

Shares of information technology (IT) services were trading in the red in the early trade on Tuesday as the rupee hit around one month-high against the US dollar. The domestic currency opened at 70.96 against Monday’s close of 71.04.

At 09:51 am, the Nifty IT index was trading over a per cent lower at 14,977 levels with all the 10 constituents in the negative territory. Justdial was the biggest loser in the pack, sliding nearly 3 per cent, followed by Mindtree, Tata Consultancy Services (TCS), and Tech Mahindra – falling up to 2 per cent In comparison, the benchmark Nifty50 index was trading over 16 points or 0.13 per cent lower at 11,921.

For the recently-concluded September quarter, large-cap IT services firms delivered a mixed performance. While HCL Tech, Tech Mahindra and Infosys outperformed in revenue growth and margin, TCS missed estimates on both revenues and EBIT margin. Wipro delivered a stable performance for the quarter.