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IT stocks continue to hog limelight; Hexaware surges over 7%

Press Trust of India  |  New Delhi 

IT stocks continued to remain in focus for the second consecutive day today, surging up to 7.3 per cent on a weak rupee against US dollar.

Among the sector heavyweights, of climbed 5.23 per cent, surged 4.78 per cent and went up by 3.09 per cent on

Besides, Hexaware Tech advanced by 7.32 per cent, soared 6 per cent and HCL Tech jumped 4.54 per cent.

Led by gains in these stocks, the IT index rose by 4.69 per cent to end at 9,876.62.

A strong sentiment also helped buying in these stocks. The surged 456.17 points.

The rupee went into a free fall yesterday as it slumped for the fifth session and even hit all-time low of 68.86 against the dollar.

Fall in the rupee versus the US currency is broadly seen as positive for export-focused sectors like the IT space.

Analysts said large IT companies benefit from a weaker rupee, as it positively impacts their profit margins.

Big IT companies earn a major chunk of their revenues in dollar from their US clients.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 25 2016. 18:22 IST