Mumbai: Led by Wipro, IT stocks on Monday gained as much as 3 percent in morning trade amid the rupee plunging to its life-time low of 57.77 as a stronger dollar boosts the sales of software firms in rupee terms.
Shares of Wipro rose by 2.68 percent, while TCS was up 1.42 percent and Infosys gained 1.34 percent. Among others, Hexaware Tech went up by 1.96 percent and HCL Tech (0.97 percent).
Led by gains in these stocks, the BSE IT index was trading higher by 0.92 percent to 6,194.47 and was the top gainer among the 13 sectoral indices during the morning trade. Fall in the rupee versus the US currency is broadly seen as a positive factor for export—focused IT sector.
Analysts said large IT companies benefit from a weaker rupee, as it positively impacts their profit margins. Big IT companies earn a major chunk of their revenues in dollar from their US clients.


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