Nifty IT index, the largest gainer among sectoral indices, was up 0.80% at 14,797 at 09:36 am; as compared to 0.68% decline in the Nifty 50 index. The IT index hit a new high of 14,819 in intra-day trade today. The index surpassed its previous high of 14,776 recorded on July 16, 2018 in intra-day deal.
Tech Mahindra, Mindtree, Wipro, KPIT Technologies, HCL Technologies, Tata Elxsi, Infosys and Tata Consultancy Services were trading higher by up to 3% on the National Stock Exchange (NSE).
A cheaper rupee bodes well for Indian IT companies, as they derive a huge share of their revenues from exports.
Among individual stocks, Infosys hit a record high of Rs 1,400, up 1% on the NSE in early morning trade. The stock surpassed its previous high of Rs 1,392 touched on July 25, 2018 in intra-day trade.
In past one month, Infosys has outperformed the market by gaining 6% after the company announced its June quarter results and its board approved issuance of one free share for every share held (that is a 1:1 bonus issue). In comparison, the Nifty 50 index was up 3% during the same period. The company yet to announce the record date for bonus issue.