Eleven IT stocks rose by 0.16% to 11.23% at 15:18 IST on BSE as the rupee weakened against the dollar.
IT shares were in demand. Larsen & Toubro Infotech (up 11.23%), MphasiS (up 2.82%), MindTree (up 3.4%), Hexaware Technologies (up 1.06%), Oracle Financial Services Software (up 0.98%), TCS (up 2.53%), Tech Mahindra (up 0.4%), HCL Technologies (up 0.31%) and Infosys (up 0.7%) edged higher.
IT major Wipro was up 0.16%. The company will announce Q4 results today, 25 April 2018.
Persistent Systems was up 5.86%. The company's consolidated net profit fell 19.59% to Rs 73.71 crore on 4.97% decline in net sales to Rs 752.55 crore in Q4 March 2018 over Q3 December 2017. The result was announced after market hours yesterday, 24 April 2018.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 66.77, compared with closing of 66.38 during the previous trading session.
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