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IT stocks rise on weak rupee

Capital Market 

Shares of six IT companies rose 0.01% to 1.94% at 15:04 IST on BSE after rupee edged lower against the dollar in the foreign exchange market.

Meanwhile, the S&P BSE Sensex was down 456.09 points or 1.23% at 36,662.18.

The S&P BSE IT was up 98.57 points or 0.63% at 15,630.03

TCS (up 1.94%), MphasiS (up 1.54%), Tech Mahindra (up 1.17%), MindTree (up 0.09%), Infosys (up 0.1%) and HCL Technologies (up 0.01%) advanced.

Hexaware Technologies (down 1.47%), Wipro (down 0.7%) and Oracle Financial Services Software (down 0.63%) declined.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.50, compared with its close of 69.60 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: Mon, August 05 2019. 15:09 IST