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Software stocks rally on falling rupee

Software stocks rally on falling rupee
Tata Consultancy Services: Quotes, News
BSE 2201.00BSE Quote13.85 (0.63%)
NSE 2197.50NSE Quote10.75 (0.49%)
Infosys: Quotes, News
BSE 801.40BSE Quote8.5 (1.06%)
NSE 801.20NSE Quote8.45 (1.05%)
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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