BSE IT index hits three-month high on weak rupee
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Shares of information technology (IT) companies are trading higher for the fourth consecutive trading session as the Indian rupee weakened against the US dollar.
Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, MphasiS, Hexaware Technologies, Mindtree and Tech Mahindra are up 1-2%, each in early morning deals on the Bombay Stock Exchange (BSE).
The S&P BSE IT index is up 0.68% or 62 points at 9,094, as compared to a marginal 0.05% rise in benchmark S&P BSE Sensex at 0930 hours.
IT index hit 9,115 levels, its highest level since March 14 this year, during the intra-day trade today. The index has outperformed the market by surging 2.6% in past four trading sessions against 1.07% decline in benchmark index, BSE.
The Indian rupee closed at a one-month low on Monday as strong demand for the greenback from oil marketing companies weighed after global crude prices surged to nine-month highs on Friday.
Today, the partially convertible rupee was hovering at 60.43, compared to its close of 60.165 on Monday, June 16, 2014.
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