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IT indices hit new high on weak rupee; TCS, Infosys hit fresh highs

Thus far in the calendar year 2018, Nifty IT index rallied 35% against 12% rise in the Nifty 50 index.

SI Reporter  |  Mumbai 

Statsguru: Stock markets attain new peaks; Bajaj Finance, TCS, Infosys gain

Shares of information technology (IT) companies continued their upward journey with and the index hitting their respective new highs on weak against the US dollar.

index (15,796) and the index (15,578), up nearly 2% each have touched new high on Friday. In comparison, the benchmark indices were up 0.4% each.

Thus far in the calendar year 2018, index rallied 35% against 12% rise in the Nifty 50 index.

Tata Consultancy Services (TCS), Infosys, HCL Technologies, Mindtree, Wipro, Tech Mahindra, Tata Elxsi and KPIT Technologies from the Nifty IT index were trading higher by up to 3% on the NSE. NIIT, Intellect Design Area, Aptech, NIIT Technologies and Zensar Technologies were up in the range of 1% to 2%.

The hit a new low breaching 71 per dollar mark for the first time today. Thus far in the CY18, the has depreciated by 10.8% against the US dollar.

A cheaper rupee bodes well for Indian IT companies, as they derive a huge share of their revenues from exports.

Among the individual stocks, hit a new high of Rs 1,453, up 2.5% on the BSE in intra-day trade. The stock was up 5% in past five trading sessions after the company has fixed September 5, 2018, as the record date for the purpose of allotment of bonus shares/stock dividend. The stock will turn ex-date for bonus shares on September 4, 2018. The record date announcement was made during market hours on Friday.

Besides Infosys, TCS, & Zensar Technologies too hit new highs on the BSE in intra-day trade today.

INFOSYS 1436.30 1453.00 1438.50 28-Aug-18
TCS 2083.25 2090.50 2080.20 30-Aug-18
TECH MAHINDRA 748.80 751.00 749.50 02-Feb-15
ZENSAR TECH. 1668.65 1699.85 1665.00 30-Aug-18

First Published: Fri, August 31 2018. 10:35 IST