Stock market update: IT stocks tread higher amid a fresh fall in rupee

NEW DELHI: Recent fall in the rupee against the US dollar has given a fresh lease of life to many IT stocks.

The rupee is one of the worst performing emerging market currencies this year, falling over 6 per cent, even below Indonesian rupiah, and South African rand.

The fall in rupee, however, is good for IT stocks as they earn more while exporting services.


Around 12:50 pm on Thursday, the Nifty IT index was trading 2 per cent up at 13,733, with Infosys (up 2.90 per cent) as the top gainer.

Shares of KPIT Technologies (up 2.81 per cent) and Tata Consultancy Services (up 2.64 per cent) climbed up to 3 per cent.

Stocks such as HCL Technologies (up 1.80 per cent), Tech Mahindra (up 1.37 per cent) and Oracle Financial Services Software (up 1.02 per cent) were also seeing decent traction.

Mindtree (up 0.49 per cent), Tata Elxsi (up 0.42 per cent) and Wipro (up 0.25 per cent) were also in the green.

Equity markets were in the higher territory on gains in IT, pharma, telecom, bank and financial stocks.

However, auto, consumer durables and oil & gas continued suffering losses.

In the Nifty index, 30 stocks were trading with gains, while 20 were incurring losses.

Sun Pharma, Infosys and Bharti Airtel were the top gainers in the Nifty index,

However, Tata Motors, ONGC and Grasim Industries were leading among Nifty losers.