IT stocks gain on value buying, rupee weakness

Reuters Market Eye - Shares in software exporters rose on value-buying and a weak rupee, dealers say. Tata Consultancy Services Ltd gains 4 percent, Wipro Ltd is up 2.6 percent, while Infosys Ltd is up 1.1 percent.

The rupee weakened below 57 to the dollar on Friday, depreciating more than 5.5 percent since the start of May, to approach a record low hit about a year ago, reflecting caution ahead of the U.S. monthly jobs data and falls in most emerging market currencies.

Analysts say earnings revision, some corporate changes are other positive factors that are working for the sector.

India's No. 2 IT services firm Infosys Ltd , grappling with disappointing results and loss of market share, has recalled founder and former chairman N.R. Narayana Murthy to act as executive chairman for five years.

 

(Reporting by Abhishek Vishnoi)