New Delhi, May 24 (PTI) IT stocks were in limelight today, rising up to 3 per cent, on weak rupee that hit a near 18-month low yesterday, a trend which is largely seen as positive for export-focussed sectors. Also Read - Global factors, crude prices, Re to dictate market trend: Analysts
Shares of Infosys rose by 3.09 per cent, TCS 3.08 per cent, HCL Technologies 1.86 per cent, Hexaware Technologies 1.85 per cent, Tech Mahindra 1.75 per cent and Wipro 0.36 per cent on the BSE. Also Read - Sensex, Nifty turn cautious ahead of IIP, inflation data releases
Led by gains in these stocks, the BSE IT index ended at 13,529.48, up 2.45 per cent. Also Read - Market ends flat after RBI rate cut; rate sensitive stocks turn volatile
“Market reversed from day’s low despite global trade worries as weak INR gave room for export oriented sectors to surge,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
The rupee yesterday plummeted by a massive 38 paise to hit a near 18-month low of 68.42 against the US dollar.
The BSE Sensex surged over 318 points to close at 34,663.11 driven by rally in IT stocks.
This is published unedited from the PTI feed.