With the rupee hovering near record lows against the U.S. dollar amid imminent U.S. interest rate hikes, the IT space is seeing some hectic buying and the key Indian stock indices Sensex and the Nifty50 are moving up smartly this morning, despite persisting concerns about near term economic slowdown following the government's demonetization move.
The Sensex is up 265.30 or 1.03% at 26,125.47. The Nifty50 of the National Stock Exchange is at 8061.60, up 96.10 points or 1.19% from its previous close.
Infosys is up 5.5% at Rs 983.45, a good way up from a 52-week low of Rs 930.30 it had touched earlier this month. Tata Consultancy Services is up 4.5% at Rs 2284.30 and Wipro is up 3.2% at Rs 465.30.
HCL Technologies is gaining 5.5%, Hexaware Technologies is up 5.3%, KPIT Technologies is rising 4.5%, Tech Mahindra is advancing 4.3%, MindTree is up 3.7%, Tata Elxsi is up 3.3% and Oracle Financial Services is gaining 3.1%. NIIT Technologies, Mastek, Datamatics, Geometric, RS Software, Sonata Software and 8K Miles are also up with strong gains.
The rupee opened at 68.67 against the U.S. dollar, up 5 paise from its previous close and recovered further to to 68.44. On Thursday, the rupee declined to a record low of 68.86 a dollar
Besides the three IT majors, there are some other notable gainers in the Sensex. GAIL India is trading nearly 4% up. Tata Steel is gaining 3% and Adani Ports is trading 2.1% up. Power Grid Corporation, NTPC, Asian Paints, Sun Pharmaceutical Industries, HDFC Bank and Hindustan Unilever are up 1% - 1.6%.