Software stocks rally on falling rupee

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Software stocks rally on falling rupee
Tata Consultancy Services: Quotes, News
BSE 2512.85BSE Quote32.7 (1.30%)
NSE 2513.80NSE Quote28.15 (1.12%)
Infosys: Quotes, News
BSE 923.10BSE Quote98.05 (10.62%)
NSE 923.25NSE Quote97.6 (10.57%)
Software stocks were in the limelight in trade today with HCL Tech gaining 3.5 per cent, while TCS and Infosys also saw huge gains.

Hopes that the falling rupee would boost margins helped improve sentiments for IT stocks today. Infosys would be the first major IT stock to announce its results later next week, which should provide cues for other software stocks.

While Infosys has largely underperformed its other IT peers, including TCS and HCL Tech which have rallied on hopes that falling rupee would improver overall margins.

HCL Tech was last traded 3.7% higher, while TCS jumped 2.71 per cent and HCL tech jumped 1.51 per cent in trade today.

The rupee has surged past the 60 mark in the interbank forex market today.

Read more about: hcl tech, infosys, tcs
Story first published: Thursday, July 4, 2013, 12:43 [IST]
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