- Rupee hits a new low of 96.40, boosting IT stocks in early trade on Tuesday
- IT sector rallies up to 4.14% led by Coforge gaining 4.95% at Rs 1,414.80
- Infosys, Persistent Systems, and HCLTech rise between 3.93% and 4.71%
As the rupee depreciates to a new low of 96.40 at open, IT stocks find themselves as beneficiaries. The sector is seeing a strong rally of up to 4.14% in early trade on Tuesday.
Stocks rallied sharply as of 9:30 am, led by Coforge, which surged 4.95% to Rs 1,414.80. Infosys rose 4.71% to Rs 1,196.30, while Persistent Systems gained 4.21% to trade at Rs 5,152.30. HCLTech climbed 3.93% to Rs 1,191.70, and Mphasis advanced 3.79% to Rs 2,230. Tech Mahindra was up 3.68% at Rs 1,482.60, while TCS added 3.41% to Rs 2,361.10. Oracle Financial Services Software rose 3.40% to Rs 9,728, and Wipro also is trading higher, gaining 2.78% to trade at Rs 197.52.
This comes after Nifty IT saw a slump of over 12% in just one month. Just this year, the sector has fallen over 22%.
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