IT shares rally on value buying; TCS, HCL Tech, Wipro gain over 10%

In the past one month, the Nifty IT index has slipped 32.3 per cent

Shares of information technology (IT) companies rallied by up to 14 per cent on the National Stock Exchange (NSE) on Friday after Accenture reported a better-than-consensus Q2 performance. Meanwhile, the Rupee hit a new low on Thursday, falling below 75 against the US dollar for the first time.

Tata Consultancy Services (TCS), HCL Technologies, Wipro, MindTree, and NIIT Technologies gained in the range of 10 per cent to 14 per cent on the NSE as investors indulged in some value-buying as valuations turned attractive after the recent fall in stock prices. Infosys, Tech Mahindra, Tata Elxsi and Hexaware Technologies