IT Index gains ~1% on rupee depreciation

Shares of Wipro, Infosys, TCS, Mindtree, Tech Mahindra, and Tata Elxsi, which gained 1% each were leading the index’s gain.

Apr 22, 2019 09:04 IST India Infoline News Service

IT Stocks Up
The Nifty IT Index gained 1% on Monday after rupee declined 53 paise at day’s low level of 69.88 against the dollar on firm crude oil prices in the global markets.

The currency opened 43 paise lower at 69.78/$. On Thursday, the unit managed to snap loss of the past three consecutive sessions and closed 25 paise higher at 69.35/$. On Friday, forex markets were shut on account of Good Friday Holiday.

The depreciation could be attributed to the strong dollar against its major peers and increased crude oil prices.

International crude oil benchmark indices Brent climbed 2.56% at $73.81/bbl and WTI rose 2.34% at $65.50/$, Bloomberg data showed.

Shares of Wipro, Infosys, TCS, Mindtree, Tech Mahindra, and Tata Elxsi, which gained 1% each were leading the index’s gain.

Meanwhile, equity benchmark indices were trading lower on Monday with the Sensex declining 390 points at 38,750 levels. The Nifty slumped 127 points to trade at 11,625 levels.

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