Finance Markets

Indian rupee strengthens against the dollar, but a few heavyweights still bear losses

Indian stock market

On Monday, 20th August’s trade session, IT stocks were trading mixed after Indian rupee strengthened against the US dollar.

However, the sector index was dragged down as a few heavyweights like Infosys (down 2.49 percent) incurred losses, but overall it was a quite positive market.

Earlier in the same day, The rupee opened 32 paise higher at 69.83 against the US dollar. And at 10: 51 am. IST, it was trading 33 paise.

Around the same time, The Nifty IT index was trading 0.66 percent down at 15,027.

As the resignation of CFO MD Ranganath was announced, Shares of Infosys was affected negatively as it dropped.

One of the company’s key managerial personnel, Infosys announced that Ranganath would continue on his current role till November 16.

The other heavyweights who were losers were, Tata Elxsi (down 0.68 percent), KPIT Technologies (down 1.80 percent), Tata Consultancy Services (TCS) (down 0.24 percent), Tech Mahindra (down 0.15 percent), and HCL Technologies (down 0.59 percent). Thus leaving many institutional investors really worried about the entire market.

Notably, there were a few companies who were in the green, they were Wipro (up 1.07 percent),  Infibeam Avenues (up 1.81 percent), Oracle Financial Services Software (up 0.27 percent) and Mindtree (up 0.40 percent).

Amidst mixed global cues the Indian equity market was in positive territory.

Additionally, Investors have been keenly observing the movement of Turkish lira and Chinese yuan while also eyeing how US-China talks progress.

BSE Sensex was up 273.87 points at 38221.75 and Benchmark NSE Nifty50 index was up 62.90 points.

Out of the total 50 stocks in the Nifty index, 18 were trading in red while 32 were trading in the green.

The top gainers in the Nifty index were ONGC, Tata Motors, Coal India, YES Bank and Larsen & Toubro, ONGC, Tata Motors, Coal India and YES Bank. And Titan Company, Infosys, GAIL (India), UPL and, Eicher Motors and UPL were among the top losers in the Nifty index.