Seven IT stocks rose by 0.6% to 3.61% at 11:45 IST on BSE as the rupee weakened against the dollar today, 23 September 2013.
Tech Mahindra (up 3.61%), Wipro (up 2.48%), MphasiS (up 1.29%), Infosys (up 1.17%), TCS (up 0.82%) and Hexaware Technologies (up 0.6%) edged higher.
HCL Technologies advanced 3.24% to Rs 1,095.55 after hitting a record high of Rs 1,098.45 in intraday trade today, 23 September 2013.
MindTree gained 3.31% to Rs 1,127 after hitting record high of Rs 1,132 in intraday trade today, 23 September 2013 after foreign fund FID Fund Mauritius bought 2.95 lakh shares or 0.71% stake at Rs 1,074.99 per share of MindTree through a bulk deal on the BSE on Friday, 20 September 2013.
The S&P BSE IT index was up 1.48% at 7,926.58 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was down 1.35% at 19,989.80.
The S&P BSE IT index had underperformed the market over the past one month till 20 September 2013, rising 6.1% compared with the Sensex's 11.06% rise. The index, however, outperformed the market in past one quarter, gaining 31.8% as against Sensex's 8.25% rise.
In the foreign exchange market, the rupee dropped against the dollar. The partially convertible rupee was hovering at 62.4800, weaker than its close of 62.23/24 on Friday, 20 September 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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