Bucking the trend! Nifty IT jumps 2% owing to weaker Re; TCS, Infosys shine

The IT services companies, who make most of their revenues servicing clients in US tend to benefit from a weaker rupee.

Shares of information technology (IT) companies were trading firm in an otherwise weak market as investors sought safer haven in the sector, owing to a sharp depreciation in Indain Rupee versus the US dollar.

At 12:04 pm; the Nifty IT index, the top gainer among sectoralal indices, was up 2 per cent, as compared to 0.83 per cent decline in the Nifty50 index.

Tata Consultancy Services (TCS), Mindtree and L&T Technology Services (LTTS) were up 3 per cent each, while Infosys, Tech Mahindra and Larsen & Toubro Infotech gained 2 per cent each on the National Stock Exchange