IT stocks in green amid weakening rupee

IT stocks in green amid weakening rupee

Mumbai: Information technology scrips on Friday traded in the green gave on the benchmark bourse, with majority of them trading in the green as the rupee weakened further against the US dollar in early trade.

Led by software major TCS Ltd, which surged 4% in weak morning trade, IT bellwether Infosys, Satyam and Wipro also rose in the range of 1-3% on the Bombay Stock Exchange.

Infosys Technologies opened at Rs1,185 and rallied 3.35% to an intra-day high of Rs1,227. It was later trading at Rs1,210 up nearly 2%.

Market analysts said that the IT stocks were gaining amid the overall subdued sentiment at the bourse mainly due to further depreciation of the rupee against the US dollar.

Also, Wipro Ltd gained 1.24% to Rs241.70, while HCL Technologies advanced 3.50% at Rs148 in the first few minutes of trade.

Post reopening of the currency market, a day after the terror attacks in the country’s financial hub, the domestic unit fell 22 paise at Rs49.72 against the US dollar.

Satyam Computer Services also gained 2.17% at Rs240.20, while Patni Computers surged 4.47% to Rs130.70.

The Bombay Stock Exchange benchmark Sensex remained volatile in early trade and recovered gradually after dipping 137 points to a low of 8,889.18.