Technology stocks gather momentum as rupee drops

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Technology stocks gather momentum as rupee drops
Following a drop in the rupee for the last five consecutive sessions, technology stocks have gained ground gradually.

The gains in technology stocks is despite the weak sentiments prevailing in the last few trading sessions. Marketmen believe that the gains are simply because of two reasons: one is the drop in the rupee and the other is that investors are slowly moving from high beta counters like metals, to defensives like technology.

HCL Technologies gained Rs 7.85 and was last seen trading at Rs 489.25. Infosys Technologies also gained and was trading at Rs 2872, up by Rs 20. Similarly, Wipro was trading at rs Rs 440.60, up Rs 8.50 at 1.30 pm IST.

The rupee meanwhile continued to depreciate further and was trading at 50.48 against the dollar.

Read more about: infosys, wipro
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