The BSE Sensex was down 120.86 points, or 0.81%, to 14,779.90.

Infosys Technologies (up 0.22% to Rs 1751), Wipro (up 0.73% to Rs 437.30) edged higher. Tata Consultancy Services (down 0.47% to Rs 862.15) and Satyam Computer Services (down 0.31% to Rs 423.70) edged lower. BSE IT index was up 23.70 points or 0.59% to 4,055.86.

The BSE IT index hit a 52-week high of 5,075.13 on 10 October 2007 and a 52-week low of 3,189.14 on 22 January 2008.

It had outperformed the market over the past one month till 9 September 2008, rising 3.76% as compared to the Sensex's decline of 1.76%. It had, however, underperformed the market in the past one quarter, falling 8.46% as compared to the Sensex's decline of 1.10%.

IT firms derive a lion's share of revenue by way of exports and therefore fall in the domestic currency benefits the IT sector.

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