​​​
  1. IT stocks rally after rupee plunges over 60 paise on Rexit

IT stocks rally after rupee plunges over 60 paise on Rexit

Weak rupee brought some cheer for IT stocks amid Rexit worries as the BSE Information Technology index gained as much as 1.50 per cent in the early trade on Monday.

By: | New Delhi | Updated: June 20, 2016 11:07 AM
IT stocks, Rexit, Raghuram Rajan, Rupee Weak rupee brought some cheer for IT stocks amid Rexit worries as the BSE Information Technology index gained as much as 1.50 per cent in the early trade on Monday. (Photo: Reuters)

Weak rupee brought cheer for IT stocks amid Rexit worries as the BSE Information Technology index gained as much as 1.50 per cent in the early trade on Monday. Indian currency slipped by 61 paise to 67.69 against the dollar in the opening trade on Monday after RBI governor Raghuram Rajan said no to a second term.

At 10.57 am, shares of HCL Infosystems and HCL Technologies were trading 4.12 per cent and 2.75 per cent up at Rs 40.40 and Rs 773.25, respectively.

Also Read: Mahanagar Gas IPO to hit markets on June 21; 10 things to know

Other IT majors Tech Mahindra and Infosys were trading 1.63 per cent and 1.52 per cent higher at Rs 544.35 and Rs 1196.25, respectively.

The BSE IT index was trading 1.42 per cent up at 11,484.73.

On Friday, rupee had recovered 13 paise to 67.08 against dollar on account of fresh selling by bankers and exporters and recovery in stock markets.

According to Nomura, the news is a negative for Indian rupee. “Given that this was not broadly expected by the market, we expect rupee to temporarily underperform in the region,” the brokerage house said.

On Saturday, Rajan said no to a second term in the post, a surprise decision the industry and opposition parties termed as nation’s loss.

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.

Go to Top