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Nifty IT index Rises Over 1pc on Weaker Rupee

Shares of IT companies were advancing for the second consecutive day on Wednesday, with the Nifty IT Index jumping over 1 percent on a weaker rupee sentiment. The domestic currency was trading a bit lower at Rs 68.79 per dollar, down 0.26% as of 13:00 hrs ahead of the outcome of the US Federal Reserve later in the day.

At 1:05 pm, the Nifty IT was trading over 1.01% at 15,651.65 on the NSE with all its constituents trading in green, except Tech Mahindra. . In comparison, the Nifty50 was trading at lower 11,527, down 0.04 percent (4.90 points).

Infosys, Oracle Financial Services Software, Tata Elxi, Infibeam and Wipro, gained in the range of 0.5 to 3 percent.

In the last two days, IT index has surged 2.21% to 1.44% in range. Nifty IT index had outperformed the market by rising over 9% on a year-to-date basis, in comparison with 6% rise in the Nifty50 index.