Five IT stocks rose by 0.17% to 1.01% at 10:10 IST on BSE as rupee edged lower against the dollar.
Meanwhile, the S&P BSE Sensex was up 131.12 points or 0.47% at 28,019.02.
Among IT stocks, Tech Mahindra (up 0.38%), TCS (up 1.01%), HCL Technologies (up 0.17%) and Wipro (up 1.16%) gained.
Infosys rose 0.3%. The company announces Q3 results on Friday, 9 January 2015.
The BSE IT index had underperformed the market over the past one month till 2 January 2015, falling 3.71% compared with Sensex's 1.96% fall. The index had also underperformed the market in past one quarter, declining 1.6% as against Sensex's 4.97% rise.
The rupee has weakened against the dollar recently. In the foreign exchange market, the rupee edged lower against the dollar today, 5 January 2015. The partially convertible rupee was hovering at 63.3775, compared with its close of 63.29 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.
Powered by Capital Market - Live News
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app