IT stocks fail to cash in on record rupee fall


it-stocks

Although the rupee hit a brand new low on Thursday in opposition to the greenback, IT stocks barely reacted gaining simply between 0.8% and a couple of%. Mindtree’s shares had been up round 2% throughout Thursday’s buying and selling session adopted by Tech Mahindra whose inventory was up round 1.7%. Stocks of different IT companies 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 in opposition to the US greenback due to a strengthening of the greenback in opposition to just about all currencies.

The BSE IT index ended the session at 9,434.05, up 114.78 factors or 1.23%, whereas the Sensex closed at 25,860.17, down 191.64 factors or 0.74%. Shares of Mindtree have gained round 4.5% in the week to this point, adopted by TCS and Tech Mahindra whose shares have gained 2.65 and a couple of.4% in this week to this point. Analysts at Kotak not too long ago mentioned, “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.”

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