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Stock market update: Nifty IT index dips; Infosys, TCS among top losers

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Benchmark NSE Nifty50 index closed 569.40 points up at 11,274.20.
NEW DELHI: IT shares closed on a mixed note in Friday's session as rupee edged higher against the greenback after Finance Minister Nirmala Sitharaman announced a slew of measures to boosting the economy.

The rupee was up 25 paise or 0.36 per cent at 71.07 against the greenback.

Sitharaman proposed to slash corporate tax for domestic and new local manufacturing companies. The effective rate will be 25.17 per cent, including surcharges and cess. The measures will be implemented through an ordinance, she said.

The Nifty IT index closed 0.20 per cent down at 15,491.10.

Shares of Oracle Financial Services Software (up 7.69 per cent) , MindTree (up 3.29 per cent) , Tata Elxsi (up 2.83 per cent) and NIIT Technologies (up 2.36 per cent) were the top performers in the index.

Infosys (down 1.91 per cent) , Tata Consultancy Services (down 1.74 per cent) , Tech Mahindra (down 0.36 per cent) and HCL Technologies (down 0.04 per cent) were trading lower.

Benchmark NSE Nifty50 index closed 569.40 points up at 11,274.20 while the BSE Sensex ended 1921.15 points higher at 38,014.62.

Among the 50 stocks in the Nifty index, 43 were trading in the green, while 7 were in the red.

Shares of YES Bank, Vodafone Idea, Ashok Leyland, Tata Motors, Dish TV India, SBI, SAIL, ICICI Bank, Bank of Baroda and ITC were among the most traded securities on the NSE.

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