Nifty IT index rise for 4th session amid weak rupee

Shares of eight IT companies rose 0.21% to 3.08% after the rupee continued to trade above 73 mark.

The Nifty IT index was up 1.04% to 16,028.60, extending its winning run to fourth day. The index has surged 5.36% in four trading days from its previous closing low of 15212.95 posted on 28 February 2020.

HCL Technologies (up 3.08%), TCS (up 1.65%), Infosys (up 1.19%), MphasiS (up 1.17%), Tata Elxsi (up 1.09%), Wipro (up 0.92%), Zensar Technologies (up 0.22%) and Mastek (up 0.21%) were top gainers in IT segment.

In the foreign exchange market, the partially convertible rupee was hovering at 73.28, compared with its close of 73.3975 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.

Powered by Capital Market - Live News