Eight IT shares rose by 0.06% to 1.76% at 9:50 IST on BSE as the Indian rupee extended its losses against the dollar today, 12 December 2014.
Infosys (up 1.76%), Hexaware Technologies (up 1.46%), CMC (up 1.44%), Wipro (up 1.13%), MindTree (up 1.07%), TCS (up 0.88%), HCL Technologies (up 0.50%) and Tech Mahindra (up 0.06%), edged higher.
The S&P BSE IT index was up 0.95% at 10,437.43. It outperformed the Sensex, which was up 0.18% at 27,652.32.
The S&P BSE IT index had underperformed the market over the past one month till 11 December 2014, falling 4.03% compared with 1.10% fall in the Sensex. The index had also underperformed the market in past one quarter, rising 0.05% as against Sensex's 2.25% rise.
At 9.50 IST, the partially convertible rupee was hovering at 62.47, compared with its close of 62.3450 during the previous trading session.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
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