Share market update: IT shares dip; Tech Mahindra slumps 3%

NEW DELHI: Most IT stocks were incurring losses in Wednesday's session after a smart recovery in the Indian rupee against the US dollar. The rupee opened 41 paise higher today.

The Nifty IT index was trading 0.87 per cent down at 13,893.45 around 09:48 am on Wednesday.

Shares of Tech Mahindra (down 2.95 per cent), Wipro (down 2.01 per cent), NIIT Technologies (down 1.49 per cent) and Tata Consultancy Services (down 1.36 per cent),were the top losers in the IT pack.


MindTree (down 1.09 per cent) and Tata Elxsi (down 0.81 per cent) too, appeared among top laggards.

Benchmark NSE Nifty50 index was up 78.85 points at 10,225.65 while BSE Sensex was up 276.67 points at 34,123.90 at that time.

Among the 50 stocks in the Nifty index, 35 were trading in the green, while 15 were in the red.

Shares of SBI, ICICI Bank, YES Bank, Ambuja Cements, BPCL, Indian Oil Corp, HPCL, Adani Ports SEZ and L&T Finance Holding were among the most traded shares on the National Stock Exchange.