Seven IT stocks rose by 0.26% to 2.7% at 13:06 IST on BSE as the rupee hit one-month low against the dollar.
HCL Technologies (up 2.68%), Tech Mahindra (up 0.66%), Polaris Financial Technology (up 1.53%), Wipro (up 1.17%), TCS (up 2.26%) and Hexaware Technologies (up 0.26%) edged higher.
Infosys rose 2.7% to Rs 3,395 after hitting 52-week high of Rs 3,397 in intraday trade today, 7 November 2013.
The S&P BSE IT index was up 2.15% at 8,644.32 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was up 0.89% at 21,080.30.
The S&P BSE IT index outperformed the market over the past one month till 6 November 2013, rising 5.49% compared with the Sensex's 4.92% jump. The index also outperformed the market in the past one quarter, gaining 12.11% as against Sensex's 11.54% rise.
IT stocks gained as the rupee hit one-month low against the dollar. In the foreign exchange market, the rupee hit one-month low against the dollar. The partially convertible rupee was hovering at 62.63, compared with its close of 62.39/40 on Wednesday, 6 November 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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The S&P BSE IT index rose 1.39% to 8,462.12 on Wednesday, 6 November 2013 after IT services firm Cognizant Technology Solutions Corp, a Teaneck, New Jersey-based company, which has most of its employees in India, raised its full-year forecast for both profit and revenue at the time of announcing its Q3 September 2013 results on Tuesday, 5 November 2013. Cognizant reported a better-than-expected 22% rise in revenue in third quarter, helped by contracts from insurers setting up online exchanges as part of President Barack Obama's healthcare reforms. The company, which also raised its full-year forecast for both profit and revenue, said it would focus on winning more business from governments. The company's net income rose to $319.6 million, or $1.05 per share in the third quarter, from $276.9 million, or 91 cents per share, a year earlier. The company said it expects earnings of at least $4.01 per share on revenue growth of at least 20.3% to $8.84 billion for the year ending 31 December 2013. It had previously forecast earnings of at least $3.96 per share on revenue growth of at least 19% to $8.74 billion for 2013.
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