Amid a weaker market sentiment, Nifty IT emerged as an outperformer in today’s trade, rising by 2% to hit an intraday high of 38,007. The IT index broke its 4-day losing streak as well.

The gains were on the back of a weaker Indian Rupee, which hit fresh lows of 90.15 against the US Dollar. The weakness in the rupee was due to persistent equity outflows and uncertainty around the India-US trade deal. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,642.30 crore yesterday, while Domestic Institutional Investors (DIIs) bought stocks worth ₹4,645.94 crore, according to latest exchange data.

Leading the IT pack was Wipro, which rose by 2.01%, followed by TCS and Infosys, which rose by 1.44% and 0.95% respectively. Mphasis, Tech Mahindra and HCL Tech too grew marginally through the day, rising between 0.11% to 0.86%.

Yet all of the constituents in the Nifty IT index were not in the green, as out of the 10 companies, four were trading in negatively.

Dragging the index was Persistent Systems, which declined by 0.71%. Oracle Financial Services Software and Coforge were down by around 0.15% as well.  LTI Mindtree fell marginally by 0.06%.

Meanwhile, broader and benchmark indices were trading lower. Sensex and Nifty continued its fall for the fourth session, with Nifty trading under the 26,000-mark, at 25,947.15, and Sensex was down by 197 points, to 84,939.04.

On the Nifty front, only 12 companies advanced, and the rest declined, with Tata Consumer Products leading the fall, down by 2.18%. It was followed by Max Health and Bharat Electronics, each falling by 1.90%.

Apart from the IT stocks in the Nifty50 list, major bank stocks—ICICI Bank and Axis Bank too contributed positively, each advancing by 0.85%.

Sector-wise, Nifty PSU Bank which declined more than 3% as the sell-off was triggered after government clarified that it has no plans to raise foreign direct investment (FDI) limit in state-owned lenders. Following the declining trend, Nifty Auto and Nifty Consumer Durables were down by 1.32%.

India VIX on the other hand cooled off by 0.37% to 11.19, showcasing that the volatility in trading has cooled off, though the market sentiment remains ambiguous.