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IT stocks spurt on weak rupee

Capital Market 

Shares of ten IT companies rose by 1.84% to 15.29% amid ongoing weakness in the rupee against US dollar.

The Nifty IT index jumped 10.52% to 12,532.65 on bargain hunting. The index had tumbled 16.24% in the past four sessions.

Among the index constituents, MindTree (up 15.29%), TCS (up 12.16%), HCL Technologies (up 10.76%), Wipro (up 10.4%), Hexaware Technologies (up 9.64%), Tech Mahindra (up 8.96%), Infosys (up 8.65%), Oracle Financial Services Software (up 6.38%), MphasiS (up 3.81%) and Persistent Systems (up 1.84%) advanced.

The Indian rupee was trading near the 75 mark against the US dollar. The partially convertible rupee was hovering at 74.905, compared with its close of 75.12 during the previous trading session. The rupee hit a low of 75.09 so far during the day.

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: Fri, March 20 2020. 12:33 IST