IT shares gain on weak rupee
At 1117 hours, CNX IT index was up 1.6% compared to 0.15% decline in CNX Nifty.
Shares of information technology (IT) companies were trading higher in otherwise subdued market after the rupee weakened by another 34 paise to 63.88 against the dollar in early trade.
On Wednesday, the rupee had dipped by 10 paise to close at one-week low of 63.54 against the US dollar. CLICK HERE TO READ FULL REPORT.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, CMC, MindTree and Polaris Consulting & Services were up 1%-3% on the National Stock Exchange (NSE).
At 1117 hours, CNX IT index was up 1.6% or 173 points at 11,112 against 0.15% decline in CNX Nifty at 8,085 points.
On Wednesday, the rupee had dipped by 10 paise to close at one-week low of 63.54 against the US dollar. CLICK HERE TO READ FULL REPORT.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, CMC, MindTree and Polaris Consulting & Services were up 1%-3% on the National Stock Exchange (NSE).
At 1117 hours, CNX IT index was up 1.6% or 173 points at 11,112 against 0.15% decline in CNX Nifty at 8,085 points.