​​​
  1. IT stocks fail to cash in on record rupee fall

IT stocks fail to cash in on record rupee fall

Although the rupee hit a new low on Thursday against the dollar, IT stocks barely reacted gaining just between 0.8% and 2%. Mindtree’s shares were up around 2% during Thursday’s trading session followed by Tech Mahindra whose stock was up around 1.7%.

By: | Mumbai | Published: November 25, 2016 6:10 AM

it-stocks

Although the rupee hit a new low on Thursday against the dollar, IT stocks barely reacted gaining just between 0.8% and 2%. Mindtree’s shares were up around 2% during Thursday’s trading session followed by Tech Mahindra whose stock was up around 1.7%. Stocks of other IT firms like Tata Consultancy Services (TCS), Infosys, Hexaware and Wipro barely budged. The Indian rupee on Thursday hit a lifetime low of 68.86 in intra-day trades against the US dollar due to a strengthening of the dollar against virtually all currencies.

The BSE IT index ended the session at 9,434.05, up 114.78 points or 1.23%, while the Sensex closed at 25,860.17, down 191.64 points or 0.74%. Shares of Mindtree have gained around 4.5% in the week so far, followed by TCS and Tech Mahindra whose shares have gained 2.65 and 2.4% in this week so far. Analysts at Kotak recently said, “Indian IT is better-prepared to manage potential changes courtesy increase in local hiring, local acquisitions and continued increase in US wages. On a relative basis, HCLT and Wipro have lower risks than Infosys and TCS.”

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top