Infosys (up 2.53% to Rs 3,321), HCL Technologies (up 1.52% to Rs 1,503), Hexaware Technologies (up 1.45% to Rs 157.55), Wipro (up 0.85% to Rs 552.15), Oracle Financial Services Software (up 0.68% to Rs 3,217.20) and Tech Mahindra (up 0.25% to Rs 2,121), edged higher.
TCS rose 1.95% to Rs 2,456.95 after hitting record high of Rs 2,465.50 in intraday trade today, 7 July 2014.
Polaris Financial Technology surged 3.96% to Rs 241.40 after hitting a 52-week high of Rs 243.40 in intraday trade today, 7 July 2014.
The S&P BSE IT index was up 1.84% at 9,482.65 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was up 0.24% at 26,023.33.
The S&P BSE IT index had outperformed the market over the past one month till 4 July 2014, rising 11.55% compared with 4.66% rise in the Sensex. The index, however, underperformed the market in past one quarter, gaining 4.87% as against Sensex's 16.11% rise.
IT stocks rose as the rupee edged lower against the dollar today, 7 July 2014. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.9850, compared with its close of 59.72/73 on Friday, 4 July 2014.
No comments:
Post a Comment