IT stocks in demand as rupee hits near 1-year low against dollar

CMC (up 4.92% at Rs 1,269), TCS (up 3.98% at Rs 1,530.50), Hexaware Technologies (up 3.28% at Rs 85.05), Mahindra Satyam (up 2.71% at Rs 107.95), Tech Mahindra (up 2.69% at Rs 950), Wipro (up 2.33% at Rs 337.80), Infosys (up 1.22% at Rs 2,457.05), Oracle Financial Services Software (up 0.74% at Rs 2,740) and HCL Technologies (up 0.26% at Rs 749.55) edged higher.

Shares of MphasiS were down 0.98% at Rs 451.50.

The S&P BSE IT index was up 130.20 points or 2.15% at 6,172.16. It outperformed the S&P BSE Sensex which was up 67.51 points or 0.35% at 19,587.

The BSE IT index had outperformed the market over the past one month till 6 June 2013, rising 0.84% compared with the Sensex's 0.78% fall. The index had, however, underperformed the market in past one quarter, declining 13% as against Sensex's 1.39% rise.

The rupee hit one-year low below the 57 mark and was trading at 57.06 against the dollar versus its previous close of 56.84/85. 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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