Nifty IT Index Hits Record High As the Rupee Slumps to a Record Low

By Olga Robert
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Shares of information technology (IT) companies were trading at a higher price following the fall of the Indian rupee. Strengthening of the US dollar after the world's largest economy doubled its sanctions on Turkey may have harmed currencies of emerging economies including India but it translated to higher gains for IT companies that make a sizeable share of profits in the American currency from exports.

    IT Index on NSE Hits Record High As the Rupee Slumps to a Record Low

    Nifty IT index hit at a record high of 14,841.65 in today's trade after a nearly 1 percent rise. It was the top gainer among sectoral indices on NSE (National Stock Exchange). IT company shares of Tech Mahindra, Infosys, Tata Consultancy Services, Mindtree Ltd, Wipro Ltd, Tata Elxsi Ltd, Oracle Financial Services and HCL Technologies Ltd were all seen trading higher.

    Infosys share price hit a new high of Rs 1,407.90 a piece on NSE. The company's share has outperformed the market index Nifty 50 in the last month after the announcement of its June quarter earnings where the board approved a 1:1 bonus share to its investors.

    Read more about: nifty nse infosys
    Story first published: Monday, August 13, 2018, 13:27 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more