IT Stocks up on Rupee Fall
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IT Stocks up on Rupee Fall

IT-Stock-Up

Stocks in IT sector were trading positive territory on Friday as the Indian currency declined to an eight-month low on the Greenback. The Nifty IT Index was trading at 15,812.20, up 1.15pc at 12.30pm.

Heavyweight Oracle Financial Software, gained 3.13% to Rs. 3,002.60, Tata Elxi gained 2.85% to Rs.624.55 , MindTree gained 1.90% to Rs.706.45. In the remaining shares, TCS traded up 1.90%, Tech Mahindra 1.10%, Wipro 0.90%, NIIT Technologies 0.70%, Infosys 0.68% and HCL Tech 0.50%, while Infibeam Avenues marginally falls 0.13%

In comparison benchmark Nifty at 10759.85 up by 18 pts and Sensex flat at 36467-levels.

Why IT stock rise on Rupee Fall: A weak rupee strengthens revenues of IT companies in rupee-terms as the IT sector bring in a massive share of revenue from exports.

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