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IT shares in demand on weak rupee

Capital Market 

Shares of seven IT companies rose by 0.26% to 2.03% at 11:42 IST after the rupee slipped against the dollar in the foreign exchange market.

The S&P BSE IT was up 1.31% at 15,593.64. The S&P BSE Sensex was down 84.14 points or 0.22% at 37,318.35.

Infosys (up 2.03%), TCS (up 1.36%), MindTree (up 1.19%), Wipro (up 1.11%), Persistent Systems (up 0.86%), HCL Technologies (up 0.47%) and MphasiS (up 0.26%) advanced.

Oracle Financial Services Software (down 0.13%), Tech Mahindra (down 0.49%), Hexaware Technologies (down 0.95%) declined.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.555, compared with its close of 71.4350 during the previous trading session.

A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 20 2019. 11:52 IST