Six IT stocks rose 0.11% to 1.9% at 11:33 IST on BSE as the rupee edged lower against the dollar today, 20 August 2014.
MindTree (up 1.9% at Rs 1,058.50), MphasiS (up 1.54% at Rs 449.55), Wipro (up 0.98% at Rs 551.70), HCL Technologies (up 0.76% at Rs 1,549.50), Oracle Financial Services Software (up 0.22% at Rs 3,473.60), and TCS (up 0.11% at Rs 2,441.05) edged higher.
The S&P BSE IT index was up 0.21% at 9,799.17. It outperformed the Sensex, which was down 0.26% at 26,351.87.
IT stocks rose as the rupee edged lower against the dollar today, 20 August 2014. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.74, compared with its close of 60.685 on Tuesday, 19 August 2014.
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