Shares of information technology (IT) companies are trading higher in otherwise weak market after the Indian rupee fell past 63 to the US dollar to an over seven-week low in early trade on Monday.
Tata Consultancy Services (TCS), HCL Technologies, Tech Mahindra, Infosys, Wipro and Hexaware Technologies from IT pack are up 1-3% on the Bombay Stock Exchange (BSE).
The BSE IT index, the largest gainer among sectoral indices, was up 1.5% as against 0.46% fall in benchmark index at 1025 hours.
IT index has outperformed the market by gaining 4.1% in past four trading sessions compared to 1.85% decline in S&P BSE Sensex.
The partially convertible rupee fell as much as 63.10 to the dollar versus its close of 62.475/485 on Friday. Since November 5, the rupee has depreciated by 2.4% from 61.63 against dollar.
IT firms show margin gains of 30-50 basis points with every percentage fall in the rupee. One basis point is one-hundredth of a percentage point.
Tata Consultancy Services (TCS), HCL Technologies, Tech Mahindra, Infosys, Wipro and Hexaware Technologies from IT pack are up 1-3% on the Bombay Stock Exchange (BSE).
The BSE IT index, the largest gainer among sectoral indices, was up 1.5% as against 0.46% fall in benchmark index at 1025 hours.
IT index has outperformed the market by gaining 4.1% in past four trading sessions compared to 1.85% decline in S&P BSE Sensex.
The partially convertible rupee fell as much as 63.10 to the dollar versus its close of 62.475/485 on Friday. Since November 5, the rupee has depreciated by 2.4% from 61.63 against dollar.
IT firms show margin gains of 30-50 basis points with every percentage fall in the rupee. One basis point is one-hundredth of a percentage point.
