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Markets end weak; IT stocks down

Markets end weak; IT stocks down
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First Published: Thu, Apr 19 2007. 06 40 PM IST
Updated: Thu, Apr 19 2007. 06 40 PM IST
Mumbai: India’s sensitive index fell, led by Infosys Technologies Ltd., as the rupee’s appreciation threatens to crimp profit growth of computer-software exporters.
“The rupee is a big factor for exporters,” said K.K. Mital, who oversees $47 million of assets at Escorts Asset Management in New Delhi. The currency’s 11% surge in nine months also caused sentiment to “turn a bit weak,” he said.
Infosys, which spurred buying in technology shares with its revenue and profit outlook announced last week, led the decline. Its shares fell Rs38.02 rupees, or 1.8 %, to Rs2039.65 when trading ended at 3:30 pm local time on the Bombay Stock Exchange. The stock gained 1.7% between April 13, when the quarterly earnings were announced, and yesterday.
Smaller rival Satyam Computer Services Ltd. fell Rs13.75, or 3%, to Rs447.85. Shares of Bangalore-based Wipro Ltd. declined Rs7.3, or 1.3%, to Rs578.9. Wipro and Satyam, based in Hyderabad, report annual earnings on 20 April.
The Bombay Stock Exchange’s Sensex declined 52.49, or 0.4%, to 13,619.70. The S&P/CNX Nifty Index on the competing National Stock Exchange shed 13.95, or 0.4%, to 3997.65.
The rupee, up 4.6% in the past month, is the second- best performer among 15 actively traded currencies in the Asia- Pacific region, according to data compiled by Bloomberg.
Prospects of above-normal rainfall in the monsoon season, during which crops are sown, helped moderate the decline.
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First Published: Thu, Apr 19 2007. 06 40 PM IST
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