Shares of information technology (IT) companies are in limelight in an otherwise weak market after the Indian Rupee fell against the US Dollar. A weak rupee boosts revenue of IT firms in rupee terms as major companies earn most of their revenues from software exports.
Stocks such as Mphasis, TCS, Hexaware Technologies, Infosys, Wipro, HCL Technologies and Financial Technologies are trading higher by 0.5-3.3% each in trades today after the rupee fell to its lowest in nearly a week today on rising concerns that government may roll back key reforms such as the hike in diesel prices. The rupee fell to 54.42 against the US dollar in trades today, its lowest since September 14.
MphasiS is the top gainer among the lot. The stock has jumped 3.4% to Rs 391 post this development. As many as 11,479 shares have changed hands on the BSE compared to its two-week average of 9,532 shares.
Meanwhile, the BSE IT index is the top sectoral gainer. The index is up 1% or 65 points at 6,039.
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