IT shares in demand

Eight IT shares rose by 0.09% to 2.48% at 11:32 IST on BSE after the rupee weakened against the dollar today, 7 October 2013.

HCL Technologies gained 2.48% to Rs 1,122.85. The stock hit record high of Rs 1,129 in intraday trade today, 7 October 2013.

Tech Mahindra advanced 2.35% to Rs 1,431. The stock hit 52-week high of Rs 1,440 in intraday trade today, 7 October 2013.

CMC (up 1.43%), TCS (up 0.85%), Hexaware Technologies (up 0.70%), Oracle Financial Services Software (up 0.55%), Wipro (up 0.23%) and Infosys (up 0.09%), edged higher.

The S&P BSE IT index was up 0.69% at 8,077.12. It outperformed the S&P BSE Sensex, which was down 196.79 points, or 0.99% at 19,719.16.

The S&P BSE IT index had underperformed the market over the past one month till 4 October 2013, falling 0.92% compared with the Sensex's 7.26% rise. The index had, however, outperformed the market in past one quarter, rising 28.46% as against Sensex's 2.60% rise.

In the foreign exchange market, the rupee dropped against the dollar. The partially convertible rupee was hovering at 61.77, weaker than its close of 61.43/44 on Friday, 4 October 2013.

A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Sector bellwether Infosys announces its Q2 results on Friday, 11 October 2013.

Powered by Capital Market - Live News