Stock market today: Despite the Indian stock market trading in the green in the early morning session on Friday, IT stocks remained in the bears’ grip. Indian IT major, TCS share price today opened with a downside gap at ₹2,177.20 per share on the NSE and touched an intraday low of ₹2,115.40 apiece, logging over 3% intraday loss. Similarly, HCL Tech share price lost around 2%, Tata Elxsi shares corrected by more than 2%, Route Mobile shares fell around 2.50%, and Tech Mahindra share price declined by around 2%.
Bank of Japan interest rate
According to stock market experts, the Bank of Japan’s interest rate hike is the primary reason for IT stocks deviating from the Indian stock market’s mood. They said that Bank of Japan news on rate hike is expected to put pressure on the US Treasury yields and the US Dollar (USD). They said that Indian IT companies deal in US dollars because they export IT services to the US and other countries. In the wake of a decline in the US Dollar, IT companies are expected to earn US Dollars in India, which will be worth less against the Indian National Rupee (INR).
Pointing towards the Bank of Japan
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