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IT stocks witness selling pressure

MUMBAI: The Sensex declined by over 36 points on Tuesday, reacting to the drop in Asian markets despite a smart rally in banking counters. IT shares continued to be at the receiving end for the last few days following rupee's upward march in the last few months as rising rupee directly impacts revenue and profits of these firms. These companies receives large part of their revenue from exports to the U.S. The Sensex, opened slightly lower at 13948.91 and moved in a range of 14023.86 and 13885.46 before concluding at 13929.33, a fall of 36.53 points or 0.26 per cent over Monday's close of 13965.86.

The S&P CNX Nifty of the National Stock Exchange also eased by 14 points or 0.34 per cent to 4120.30 from 4134.30.

Reflecting downslide in IT counters, the sectoral BSE-IT index dipped by 66.21 points to 4873.19.

— PTI

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