IT stocks up as rupee falls to 9-month low

Markets have closed marginally higher amid volatility led by buying among defensive sectors like pharma and IT shares. However, selling pressure in select metal, auto and bank shares capped the upside gains.

Shares of IT companies are in an uptrend for past couple of weeks as the rupee weakened against the US dollar.IT Index has moved up 8.25 per cent since October 27 and the trend is expected to continue if the rupee stays at current levels or depreciates further.
The 30-share Sensex ended higher 35 points at 28,068 while the Nifty gained 20 points at 8,402.

The broader markets under performed by BSE Mid-cap and Small-cap ended marginally negative.

Indian rupee was trading at 62.02 vs Wednesday’s close of 61.96/97. The Indian unit had earlier fallen to as much as 62.22, the lowest level since Feb 20.

IT-Outsourcing-Sector