InfoTech stocks continue sliding

Information Technology IT stocks, led by Infosys Technology, on Monday declined across the board on heavy selling by funds and retail investors, fearing the weakening dollar might dent earning of software exporting companies. The IT index fell by 71.51 points to 4,349.83 with almost all the sectoral stocks surrendering fresh ground on heavy profit booking.

The markets were in a bullish mood on the back of a firming global trend and key indices continued to set new peaks. The rupee8217;s relentless rise raised fears in the market that earnings of IT companies might be effected. About 60 per cent of the business of Indian software companies comes from the US market.

Infosys Technology suffered the most when it dipped by Rs 58.70 to Rs 1,763.25. Satyam Computer followed suit and lost Rs 9.70 to Rs 409.15, Patni Computer lost Rs 9.35 to reach Rs 454.10, TCS fell by Rs 9 to settle at Rs 1,005.95 and Tech Mah dropped by Rs 15.65 to close at Rs 1,266.45.

Wipro, ,however managed to end with a moderate gain of Rs 2.85 to reach Rs 442.75.