IT stocks end in green; Patni leads rally

MUMBAI: Shares of information technology firms on Friday led the gains on the Bombay Stock Exchange, advancing by as much as 14 per cent, as the domestic currency weakened against the US dollar.

Reflecting the performance of IT sector stocks, the BSE IT index today settled with a gain of 3.67 per cent at 2,558.94 points on the exchange.

"Weakening rupee spelled boon for the IT firms as the scrips of almost all major IT blue-chips ended in the green. Also subdued sentiments on the bourse led to traders covering their short position," Taurus Mutual Fund Managing Director RK Gupta said.

Led by Patni Computers, which jumped 14 per cent, other major IT firms rose in the range of 2-6 per cent on the BSE.
Shares of Patni Computers rose 13.95 per cent to Rs 142.55. During the trading session, it had touched a high of Rs 144.85, up by 16 per cent from the previous close.

Software exporter TCS jumped 5.89 per cent at Rs 558.05 and NIIT Ltd gained 5.56 per cent at Rs 23.75.

IT bellwether Infosys Technologies gained 4.49 per cent at Rs 1,240.60. During the day it rallied 5.20 per cent to a high of Rs 1248.95.

Satyam Computers also rose 2.60 per cent at Rs 243, while MoserBaer gained 3.39 per cent at Rs 54.85.

"Today's scrip movement cannot be taken as the decisive factor as it depended on the F&O settlement. Next week might give some light on the short term outlook of the IT scrips," Gupta added.