IT shares gain on weak rupee

9 Jun 2022 , 02:25 PM

The Nifty IT index advanced 0.49% to 29,615.45, extending gains for second day. The index has added 0.90% in two sessions. Among the components of the Nifty IT index, Mphasis (up 2.54%), Larsen & Toubro Infotech (up 0.65%), L&T Technology Services (up 0.57%), Mindtree (up 0.57%) and Tata Consultancy Services (up 0.47%) were the top gainers. Further, Infosys (up 0.45%), Tech Mahindra (up 0.36%) and Wipro (up 0.09%) edged higher. The Indian rupee was trading near the 78 mark against the US dollar. The partially convertible rupee was hovering at 77.8000, compared with its close of 77.6850 during the previous trading session. The rupee hit a low of 77.8100 so far during the day. A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lions share of revenue from exports. Powered by Capital Market – Live News