Markets marched ahead and hit their new intraday peak levels during mid-session trade, after various govt announcements that were in favor of the market participants.

In the midst, IT shares are facing selling pressure as the rupee strengthened. The Nifty IT Index, which represents IT shares on the NSE, lost nearly 3% loss at intraday-level, during mid-session on Monday.

The Nifty IT Index which opened at 15,611.80 today, currently (around 1.20 pm) traded lower at 15,076.40, down by 2.68% or 414 points, led by Infosys (-4.66%), Oracle Financial Service (-4.22%), and Wipro (2.93%) as major index losers.

Among 10 stocks in the Nifty IT index, 7 stocks were witnessing selling pressure while the rest 3 constituents were seeing some buying.

TCS, Tech Mahindra, HCL Technologies and Infibeam stocks are also witnessing selling pressure at a minimum level.

However, Shares of MindTree, Tata Elxsi and NII Technologies are seeing some buying. for Free stock Tips and Stock Tips visit our website.

The Indian rupee, in general, tends to move in the direction of the stock markets. A stronger rupee is an unfavorable impact for IT companies such as TCS and Infosys since such companies generate a remarkable potion of their revenue in dollars from their international customers, whereby making these IT stocks less significant to traders and come under intense selling pressure.

The Benchmark Nifty scaled up 334 points higher at 11,608-level, while the Sensex stood at 39190-mark up by 1175 points at 1.35 pm.