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Most IT shares gain after rupee hits record low

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Capital Market

HCL Technologies (up 2.05%), Hexaware Technologies (up 1.27%), MphasiS (up 1.09%), Infosys (up 1.04%), Wipro (up 0.80%) and Tech Mahindra (up 0.52%), edged higher.

CMC (down 1.18%), Oracle Financial Services Software (down 0.68%) and TCS (down 0.38%), edged lower.

The S&P BSE IT index was up 0.61% at 6,264.19. It outperformed the S&P BSE Sensex, which was down 1.36% at 19,230.80.

The S&P BSE IT index had outperformed the market over the past one month till 5 July 2013, rising 2.87% compared with the Sensex's 0.37% fall. The index had, however, underperformed the market in past one quarter, sliding 7.50% as against Sensex's 5.67% rise.

 

The rupee was trading at record low of 61.04 versus dollar, compared with Friday's close of 60.225/235.

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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First Published: Jul 08 2013 | 10:30 AM IST

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