IT stocks slip as rupee appreciates below 61; TCS, Infosys, Wipro down


At a time when benchmark indices are hitting fresh highs, IT stocks seem to be loosing sheen in rallying markets. Both Sensex and Nifty rose to their fresh record highs.At a time when benchmark indices are hitting fresh highs, IT stocks seem to be loosing sheen in rallying markets. Both Sensex and Nifty rose to their fresh record highs. 

NEW DELHI: At a time when benchmark indices are hitting fresh highs, IT stocks seem to be loosing sheen in rallying markets. Both Sensex and Nifty rose to their fresh record highs thanks to strong buying seen from foreign institutional investors (FIIs). 
The rupee strengthened above 61 to the dollar to a near three-month high on Friday, after foreign investors posted their biggest daily purchases of shares this year in the previous session, sending both the BSE and NSE indexes to record highs, Reuters reported.

The partially convertible currency rose to 60.95 to the dollar, a level last seen Dec 9. It was last changing hands at 60.95/96 versus Thursday’s close of 61.11/12, added the Reuters report. 

Overseas investors bought Indian shares worth 12.73 billion rupees ($207.8 million) on Thursday, their biggest daily purchase since Dec. 19, extended their buying streak to a 15th straight day.

SOURCE: http://economictimes.indiatimes.com/
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