Stock market update: IT stocks rise amid rupee's fall; Infibeam, TCS among top gainers in Nifty IT pack

NEW DELHI: Most IT stocks were trading with gains in Monday's session amid a fresh fall in the Indian rupee against the US dollar, giving a boost to the sectoral index.

The rupee on Monday opened 12 paise down at 72.60 against the dollar on account of buying of the American currency by importers amid soaring crude oil prices.

The Nifty IT index was trading 1.31 per cent up at 16,045 around 10:45 am.


Infibeam Avenues (up 12.57 per cent) was the top gainer in the index.

Shares of Infibeam Avenues fell as much as 73 per cent on Friday after a WhatsApp message doing the rounds alleged corporate governance issues in the company.

Media reports suggested, the company has complained to the government and Securities and Exchange Board of India about it.

NIIT Technologies (up 3.23 per cent), Mindtree (up 2.32 per cent) and Tata Consultancy Services (TCS) (up 1.82 per cent) were also trading with decent gains.

Shares of Oracle Financial Services Software (up 1.44 per cent), Infosys (up 1.18 per cent), Wipro (up 1.06 per cent), Tech Mahindra (up 0.85 per cent) and HCL Technologies (up 0.52 per cent) too were in the green.

However, Tata Elxsi (down 0.96 per cent) was in the red at that time.

Benchmark NSE Nifty50 index was down 43 points at 10,887, while the BSE Sensex was 80 points down at 36,147.

Among the 50 stocks in the Nifty index, 15 were trading in the green, while 35 were in the red.