IT stocks shine, gain as much as 4 pc

IT stocks were in demand today, rising as much as 4 per cent, after the rupee weakened against the dollar to hit a four-month low.

Weak rupee is largely seen as positive for export-focussed sectors.

Shares of Tech Mahindra jumped 3.80 per cent, Hexaware Technologies 3.75 per cent, Wipro 1.98 per cent, Infosys 1.30 per cent, HCL Technologies 1.16 per cent and TCS 1.07 per cent on BSE.

Led by the gains in these stocks, the BSE IT index ended 1.29 per cent higher at 12,229.76.

The rupee weakened against the dollar to hit a four-month low of 65.24 (intra-day).

"Short covering in IT and pharma stocks on account of weakening rupee led the indices to close on a positive note," said Vinod Nair, Head of Research, Geojit Financial Services.