NEW DELHI: Most IT stocks were suffering losses in Friday's session amid a fresh rise in Indian currency against US dollar.
The rupee was trading 25 paise higher against US dollar as American currency lost some ground against major currencies overseas on increased selling of greenback by exporters and banks.Mindtree (down 3.37 per cent), Tata Elxsi (down 2.20 per cent), Infibeam Avenues (down 1.65 per cent), Tata Consultancy Services (down 1.59 per cent), Infosys (down 1.49 per cent) and Tech Mahindra (down 1.48 per cent) were among top losers in IT space.
NIIT Technologies (down 1.43 per cent), HCL Technologies (down 1.34 per cent), Wipro (down 1.04 per cent) and Oracle Financial Services Software (down 0.70 per cent), too, suffered losses.
The Nifty IT was trading 1.52 per cent down at 14,104 around 10:10 am.
Erasing all gains of early session, market slipped into negative territory as investors avoided riskier equities and rushed to safe haven assets.
Benchmark NSE Nifty50 index was down 11 points at 10,661, while BSE Sensex was 31 points down at 35,483.Among 50 stocks in Nifty index, 27 were trading in green, while 23 were in red.
Bharti Infratel, Tata Motors, Bharti Airtel, ONGC and BPCL were among top gainers in Nifty index.
Tata Consultancy Services, Tech Mahindra, Infosys, HCL Technologies and Wipro were among top Nifty losers.