Technology stocks gather momentum as rupee drops

Posted By:
Subscribe to GoodReturns

Technology stocks gather momentum as rupee drops
Infosys: Quotes, News
BSE 1021.15BSE Quote44.35 (4.34%)
NSE 1020.85NSE Quote45.65 (4.47%)
HCL Technologies: Quotes, News
BSE 867.75BSE Quote4 (0.46%)
NSE 871.40NSE Quote6.9 (0.79%)
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
Story first published: Wednesday, March 7, 2012, 13:38 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'