IT stocks gain as rupee tumbles

IT stocks were in demand today, rising by up to 3.4 per cent, as a firming dollar boosts the sales of software firms in rupee terms.
Shares of Infosys went up by 3.39 per cent to Rs 1,141.75, emerging as the top gainer among the 30-Sensex constituents.
HCL Technologies' scrip climbed 3.19 per cent, Tech Mahindra advanced by 2.97 per cent, TCS rose by 2.63 per cent and Wipro gained 1.75 per cent.
The BSE IT index jumped 2.59 per cent to settle at 11,568.32.
Declining for the sixth consecutive session, the rupee tumbled by 59 paise to nearly 2-year low at 64.78 against the US dollar.

Fall in rupee versus the dollar is broadly seen as positive for export-focussed sectors like the Indian IT space.
Analysts said large IT companies benefit from a weaker rupee, as it positively impacts their profit margins. Big IT companies earn a major chunk of their revenues in dollars from US clients.