India's third largest software services exporter by revenue Wipro rose 2.56% to Rs 414.55. The stock topped the gainers in the BSE's 'A' group. IT stocks rose on strong economic data in the US, the biggest outsourcing market for Indian IT firms.
In US economic data, the trade deficit narrowed in October for the fourth month in a row, as oil exports helped to offset record imports from China. The October deficit was smaller than Wall Street expectations. Separately, an early reading on consumer sentiment in December topped expectations.
A weak rupee also supported IT stocks. The rupee eased on Monday weighed by dollar demand from oil refiners. The partially convertible rupee was at 52.52/53 per dollar, weaker than Friday's close of 52.03/04, but stronger from the day's low of 52.66 -- near the record low of 52.73 touched on 22 November 2011. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Meanwhile, Wipro Technologies, the global information technology, consulting and outsourcing business of Wipro, recently announced its plans to create a focused global unit called Business Operation Unit, which will enable Wipro to deliver differentiated value for clients with seamless, predictable execution. It will consolidate its business application services, global delivery, quality and IS teams under the newly formed Business Operation Unit.
Drug maker Torrent Pharmaceuticals rose 1.89% to Rs 558.85 on defensive buying in a weak market. The stock was second biggest gainer in 'A' group.
Drug maker Aurobindo Pharma rose 1.67% to Rs 91.25 on defensive buying in a weak market. The stock was third biggest gainer in 'A' group.
Jewellery retailer Gitanjali Gems rose 1.36% to Rs 335.10. The stock was fourth biggest gainer in 'A' group. The BSE said on Friday, 9 December 2011, that Gitanjali Gems will replace Areva T&D India in BSE-200 index with effect from 14 December 2011.
Drug maker Glenmark Pharmaceuticals rose 1.05% to Rs 308 on defensive buying in a weak market. The stock was fifth biggest gainer in 'A' group.
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