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

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.

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.