Eleven IT stocks rose by 0.21% to 4.05% at 12:37 IST on BSE as the rupee weakened against the dollar.
Meanwhile, the S&P BSE IT index was up 2.99% at 12,694.92. The index outperformed the Sensex, which was up 0.24% at 34,022.94
TCS (up 4.05%), HCL Technologies (up 3.84%), Infosys (up 2.91%), Oracle Financial Services Software (up 1.56%), Wipro (up 0.4%), Tech Mahindra (up 2.37%), Persistent Systems (up 1.57%), L&T Infotech (up 0.21%), MindTree (up 1.53%), Hexaware Technologies (up 2.65%) and Mphasis (up 1.5%) edged higher.
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 65.38, compared with closing of 65.31 during the previous trading session.
IT stocks were trading higher ahead of Q4 results from IT major Infosys due tomorrow, 13 April 2018.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
