IT Shares Underperform Markets

Infosys, Wipro and HCL Tech shares declined as much as 1.84 per cent, 0.90 per cent and 1.95 per cent respectively. TCS shares however bucked the trend, rising as much as 0.89 per cent during the session.

The Nifty IT index fell as much as 1.12 per cent, as the rupee gained against the US dollar. Any appreciation in the rupee moves in the opposite direction as IT stocks, as Indian IT companies derive most of their revenue from US and European markets.