IT stocks rally

Shares of ten IT stocks rose 0.23% to 7.43% at 14:15 IST on BSE after the recent weakness in rupee against the dollar.

Meanwhile, the S&P BSE IT index was up 4.76% at 9,882.66. The index outperformed the Sensex, which was up 1.47% at 26,240.58

Tech Mahindra (up 5.64%), Oracle Financial Services Software (up 3.93%), HCL Technologies (up 4.33%), Hexaware Technologies (up 7.43%), MphasiS (up 2.09%), Persistent Systems (up 0.23%), Infosys (up 4.81%), MindTree (up 4.27%), TCS (up 4.78%) edged higher.

Wipro gained 3.43% after the company announced that it completed the acquisition of Appirio on 23 November 2016. As mentioned in the media presentation submitted as part of results for Q2 September 2016, impact of the Appirio acquisition is expected to reflect in the financials of Wipro for Q3 December 2016, the company said. The announcement was made after market hours yesterday, 24 November 2016.

In the foreign exchange market, the rupee edged higher against the dollar today, 25 November 2016. The partially convertible rupee was hovering at 68.49, compared with its close of 68.745 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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