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Equities suffer setback

MUMBAI: An appreciating Indian rupee and a fall in the U.S. consumer confidence data took a heavy toll on the IT sector, pulling the benchmark BSE Sensex down by a huge 240 points as investors offloaded positions in derivatives.

Shares of IT firms were hit hard as these companies get a major part of revenue from outsourcing business, mostly in the U.S. and a weaker dollar against rupee and a slowdown in US economy would affect their bottomlines. The BSE sensitive index resumed weak at 13034.27 and gradually moved downwards to end the day at 12884.34, a loss of 239.98 points.

— PTI

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