Shares of nine IT companies rose by 0.44% to 2.12% at 13:54 IST on BSE as rupee declined against the dollar.
Oracle Financial Services Software (up 2.12%), Tech Mahindra (up 2.04%), TCS (up 1.75%), Infosys (up 1.41%), Persistent Systems (up 1.36%), Wipro (up 1.35%), MindTree (up 1.32%), Hexaware Technologies (up 0.87%) and HCL Technologies (up 0.44%), edged higher. MphasiS was down 0.08%.
The S&P BSE IT index was up 1.35% at 9,445.44. It outperformed the S&P BSE Sensex, which was down 0.78% at 25,848.76.
The S&P BSE IT index had underperformed the market over the past 30 days till 23 November 2016, falling 8.34% compared with the 7.26% decline in the Sensex. The index had also underperformed the market in past one quarter, falling 11.43% as against Sensex's 6.41% decline.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.83, compared with its close of 68.56 during the previous trading session.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
