Tue close: Sensex down 82 pts
The benchmark BSE Sensex falls 88 points on profit-selling by funds in heavy-weight technology stocks.business Updated: Apr 17, 2007 21:45 IST
The benchmark BSE Sensex fell 88 points on Tuesday on profit-selling by funds in heavy-weight technology stocks led by Infosys Technologies.
The Sensex lost 88.54 points at 13,607.04 as most of the IT stocks declined after the rupee climbed to a nine-year high against the dollar, potentially hurting export earnings. IT segment index fell the most by 127.65 at 5022.63.
Similarly, the wide-based National Stock Exchange index Nifty fell by 28.40 points at 3,984.95.
Infosys, the country's second-largest software exporter and Sensex-heaviest, fell by Rs 46.60 at Rs 2,081.70. Wipro Ltd, the country's third-largest software exporter, declined by Rs 12.40 at Rs 574.20, while Satyam Computer Services, the fourth-biggest, dropped by Rs 23.45 to Rs 455.90. Both Satyam and Wipro will report earnings on April 20. Tata Consultancy, the top software exporter, fell by Rs 30.60 at Rs 1,249.60.
The US accounts for about 60 per cent of sales of Indian software companies and any change in rupee-dollar valuation influenced corporate earnings of these companies.