IT stocks edge higher on weak rupee

Five IT stocks rose 0.18% to 3.1% at 15:15 IST on BSE as rupee weakened further past 65 against the dollar.

Tech Mahindra (up 3.1%), Oracle Financial Services Software (up 2.09%), TCS (up 0.55%) and Wipro (up 0.18%) edged higher. Infosys (down 0.41%) and MindTree (down 4.45%) edged lower.

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 currently hovering at 65.545, compared with its close of 65.26 during the previous trading session.

Meanwhile, the S&P BSE Sensex was down 100.30 points or 0.38% at 26,556.53.

HCL Technologies rose 0.4%. HCL Technologies during market hours today, 2 November 2015, announced that the company has supported International Personal Finance plc (IPF) with the successful launch of its digital lending business in Poland. HCL helped to create the 'hapipozyczki' IT platform, which provides online loans to Polish consumers. The digital transformation program has enabled IPF to drastically reduce its application-to-loan-disbursement cycle to 15 minutes, HCL Technologies said. The new platform will help IPF deliver a great online experience and further cement brand loyalty, the company said.

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