Business Standard

Nifty IT index rises for 3rd straight session

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Capital Market

Shares of five IT companies rose 0.34% to 1.15% after the rupee extended losses against US dollar.

In the foreign exchange market, the rupee tumbled against the dollar. The partially convertible rupee was hovering at 73.525, compared with its close of 73.195 during the previous trading session.

The Nifty IT index was up 0.44% to 15,792.25, extending its winning run to third day. The index has risen 3.81% in three trading days.

Infosys (up 1.15%), Cyient (up 1.14%), Tech Mahindra (up 0.82%), TCS (up 0.73%) and HCL Technologies (up 0.34%), advanced.

A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

 

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First Published: Mar 04 2020 | 1:08 PM IST

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