IT stocks extend gains on weak rupee

Five IT stocks rose by 0.05% to 1.14% at 13:15 IST on BSE as rupee edged lower against the dollar.

Meanwhile, the S&P BSE Sensex was up 2.84 points or 0.01% at 27,398.57.

Among IT stocks, Infosys (up 0.17%), Tech Mahindra (up 1.14%), TCS (up 0.09%), HCL Technologies (up 0.31%) and Wipro (up 0.07%) gained.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 63.73 compared with its close of 63.68 yesterday, 29 December 2014.

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

 

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