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IT stocks head north on weak rupee

Capital Market 

Eleven IT stocks rose by 0.21% to 4.05% at 12:37 IST on BSE as the rupee weakened against the dollar.

Meanwhile, the index was up 2.99% at 12,694.92. The index outperformed the Sensex, which was up 0.24% at 34,022.94

TCS (up 4.05%), (up 3.84%), (up 2.91%), (up 1.56%), (up 0.4%), (up 2.37%), (up 1.57%), (up 0.21%), (up 1.53%), (up 2.65%) and (up 1.5%) edged higher.

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 65.38, compared with closing of 65.31 during the previous trading session.

IT stocks were trading higher ahead of Q4 results from IT major due tomorrow, 13 April 2018.

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

First Published: Thu, April 12 2018. 12:54 IST