Date:08/05/2008 URL: http://www.thehindu.com/2008/05/08/stories/2008050861492300.htm

Business

IT stocks gain further

MUMBAI: The market declined for the third consecutive day on Wednesday with the Bombay Stock Exchange sensitive index dropping 33.70 points to settle at 17339.31 due to selling pressure in capital goods, public sector units, realty and banking sectors. It closed at 17373.01 on Tuesday.

However, the IT stocks bucking the trend moved up after the rupee hit an 8-month low yesterday. Marketmen said investors tracked Asian indices which were mostly trading lower. Key indices in China, Hong Kong, Singapore and South Korea were down by 0.27 per cent to 4.13 per cent.

However, European markets were higher in early trading. Bourses in the U.K. France and Germany were up by 0.35 per cent to 0.43 per cent. IT stocks moved up after rupee touched a 8-month low as oil refiners stepped up dollar buying after oil hit a record high, adding to concerns of a widening trade deficit and slowing capital inflows. — PTI