Nine IT stocks rose by 0.38% to 3.39% at 10:15 IST on BSE as the rupee weakened against the dollar.
Meanwhile, the S&P BSE Sensex was almost flat at 38,310.99.Infosys (up 3.39%), MindTree (up 2.89%), Tech Mahindra (up 2.12%), HCL Technologies (up 1.82%), TCS (up 1.35%), MphasiS (up 0.85%), Wipro (up 0.57%) and Hexaware Technologies (up 0.38%), edged higher. Oracle Financial Services Software was down 0.56%.
Persistent Systems was up 1.92% after the company said its US arm acquired 100% stake in Herald Technologies for $5.2 million. The announcement was made after trading hours yesterday, 3 September 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 71.20, compared with closing of 71.18 during the previous trading session. Rupee hit an all-time low of 71.37 in morning trade today, 4 September 2018.
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