Information technology (IT) stocks continued their downward journey on Thursday, with HCL Technologies, Tech Mahindra, TCS, Wipro witnessing selling pressure. The Nifty IT cracked below the 52-week low of 26,399.75 intra-day, marking the lowest level since May 2021, while the BSE IT index fell 1.44%. An interesting fact is that the record plunge of the rupee is not helping curb the fall in IT stocks. A strong dollar against the rupee is considered to be positive for IT companies as a major chunk of their revenue comes from outside the country.
