IT stocks were hit Friday on growing concerns that a weaker global economy would hit IT spending. The rupee's weakness against the dollar, which helps Indian IT exporters, also failed to lift the sentiment in these stocks, Media reports on Friday suggest.
The rupee traded nearly 30 paise lower against the greenback today. The IT index was the biggest underperformer on the BSE. It traded with over 1 per cent losses, the most among all other groups of stocks.
Infosys, India's second biggest software services exporter was down 1.4 per cent, while Tata Consultancy Services declined 1.16 per cent.
Vivek Mavani, independent market analyst & portfolio manager told NDTV that IT stocks will be driven by what happens in the US and Europe in terms of IT spends rather than what happens in the rupee.