IT stocks jump on hopes of positive earnings, weak rupee
IT stocks rose, with the Nifty IT index gaining as much as 2.9 per cent to its highest level since February 2.
The stocks gained on expectations of positive results from IT companies while a weaker rupee is also helping, an analyst with a domestic brokerage said.
The rupee slipped to a fresh 5-month low against the dollar in early trade, tracking weak global risk appetite, a sustained rally in oil prices and dollar buying across several foreign and private banks, news agency News Rise Financial reported.
Infosys Ltd which is due to report results on Friday, rose as much as 2.9 per cent to Rs 1,156.25, its biggest intraday percentage gain in over 6 weeks.
Tata Consultancy Services gained as much as 3.5 per cent to Rs 3,119.80, its highest since March 6; the stock posted biggest intraday gain since February 21. The index, up for a third straight session, posts its biggest intraday percentage rise since January 24.
TCS and Infosys were among the top percentage gainers on both the NSE and the BSE indexes.