Eight IT stocks rose by 0.11% to 2.26% at 11:55 IST on BSE as the rupee today, 27 August 2013 hit a fresh record low against the dollar.
Wipro (up 0.61%), Oracle Financial Services Software (up 0.71%), HCL Technologies (up 0.92%), Infosys (up 1.18%), Tech Mahindra (up 0.11%), Hexaware Technologies (up 0.78%), TCS (up 0.83%) and MphasiS (up 2.26%) edged higher.
The S&P BSE IT index was up 0.91% at 7,685.93. It outperformed the S&P BSE Sensex, which was down 2.46% at 18,101.85.
The S&P BSE IT index outperformed the market over the past one month till 26 August 2013, rising 5.19% compared with the Sensex's 6.03% fall. The index had also outperformed the market in past one quarter, surging 27.91% as against Sensex's 5.82% fall.
The rupee hit a record low against the dollar today, 27 August 2013, as a steep decline in the domestic stock market following the approval of the food security bill in the lower house of parliament hurt sentiment. The partially convertible rupee was trading at 65.70 per dollar, sharply lower than its close of 64.30 on Monday, 26 August 2013. It hit an all-time low of 65.71 today, 27 August 2013.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
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