Stock market update: IT shares gain; NIIT Tech climbs 3%

NEW DELHI: IT shares were trading in the positive zone in Friday's morning session after rupee depreciated 0.38 per cent during the day.

The rupee was down 27 paise at 71.64 against the US dollar. A stronger dollar and weaker rupee bodes well for IT companies as their major source of revenue is from outside India.

Shares of NIIT Technologies (up 3.01 per cent) , Tata Consultancy Services (up 2.49 per cent) , Hexaware Technologies (up 1.88 per cent) , HCL Technologies (up 1.76 per cent) , Wipro (up 1.53 per cent) , Tech Mahindra (up 1.4 per cent) , Infosys (up 1.34 per cent) , Tata Elxsi (up 1.3 per cent) and Mindtree (up 0.65 per cent) were among the top gainers.


The Nifty IT index was trading 1.68 per cent up at 15973.8 around 09:58 am.

Benchmark NSE Nifty50 index was down 43.30 points at 12238.9 , while the BSE Sensex was 113.4 points at 41513.24 .

Among the 50 stocks in the Nifty index, 12 were trading in the green, while 38 were in the red.

Shares of YES Bank, Vodafone Idea, ONGC, GAIL, Tata Motors, SAIL, Bank of Baroda, SBI and Hind Copper were among the most traded shares on the NSE.