Information technology (IT) stocks advanced on Tuesday as Indian rupee dropped to three-week low against the US dollar. Tech stocks gained on strengthening dollar as most of their revenues comes in dollar terms.
Nifty IT index rallied around 4% intra-day, led by strong gains in IT heavyweights. Shares of HCL Technologies surged over 4% while TCS was up 3%. Infosys and Wipro shares were trading nearly 4% higher each. Tech Mahindra rose 2.5%.
Shares of Mphasis skyrocketed 10% in trade while L&T Infotech leaped 7% and L&T Tech was up 4%. InfoEdge (Naukri) was the only stock in the Nifty IT index that was trading in the negative territory.
The Indian rupee weakened to its lowest level in three weeks on Tuesday amid rising crude oil prices and tracking strength in the U.S. dollar.
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