Shares of information technology (IT) companies are trading higher by up to 4% in otherwise subdued market as a sharp fall in the Indian rupee against the US dollar.
Wipro, HCL Technologies, Tech Mahindra, Tata Consultancy Services (TCS) and Infosys are up 1-4% on the Bombay Stock Exchange (BSE).
The BSE IT index, the largest gainer among sectoral indices, was up 1.5% as compared to 0.18% rise in benchmark S&P BSE Sensex in noon deals. The index had underperformed the market, fell 4.65% till yesterday against 1.3% dropped in Sensex.
The rupee traded at 63.29 per dollar as of 12.58 p.m., down 0.7% from Monday's close of 62.85 at the Interbank Foreign Exchange market amid concerns that the US central bank may announce scaling back its quantitative easing scheme on Wednesday. The rupee hit 63.64 against dollar in early morning deals.
Among the individual stocks, Wipro has rallied 4.4% at Rs 471. Last week, telecom operator Aircel has renewed its five years technology outsourcing contract worth of Rs 500 crore with Wipro.
HCL Technologies too surged nearly 4% at Rs 1,033 after the company has clarified that the arrangement with HCL Infosystems did not have any impact on the margins in the past and it is not expected to have any impact on the margins going forward.
Wipro, HCL Technologies, Tech Mahindra, Tata Consultancy Services (TCS) and Infosys are up 1-4% on the Bombay Stock Exchange (BSE).
The BSE IT index, the largest gainer among sectoral indices, was up 1.5% as compared to 0.18% rise in benchmark S&P BSE Sensex in noon deals. The index had underperformed the market, fell 4.65% till yesterday against 1.3% dropped in Sensex.
The rupee traded at 63.29 per dollar as of 12.58 p.m., down 0.7% from Monday's close of 62.85 at the Interbank Foreign Exchange market amid concerns that the US central bank may announce scaling back its quantitative easing scheme on Wednesday. The rupee hit 63.64 against dollar in early morning deals.
Among the individual stocks, Wipro has rallied 4.4% at Rs 471. Last week, telecom operator Aircel has renewed its five years technology outsourcing contract worth of Rs 500 crore with Wipro.
HCL Technologies too surged nearly 4% at Rs 1,033 after the company has clarified that the arrangement with HCL Infosystems did not have any impact on the margins in the past and it is not expected to have any impact on the margins going forward.
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