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Led by Wipro, IT stocks gained as much as 3 per cent in early trade today amid the rupee plunging to its life-time low of 57.77 as a stronger dollar boosts the sales of software firms in rupee terms.
Shares of Wipro rose 2.68 per cent, while TCS was up 1.42 per cent and Infosys gained 1.34 per cent. Among others, Hexaware Tech went up 1.96 per cent and HCL Tech (0.97 per cent).
Led by gains in these stocks, the BSE IT index was trading higher by 0.92 per cent at 6,194.47 and was the top gainer among the 13 sectoral indices.
Fall in rupee versus the US currency is broadly seen as a positive factor for export-focused IT sector.
Analysts said that large IT companies benefit from a weaker rupee, as it positively impacts their profit margins. Big IT companies earn a major chunk of their revenues in dollar from their US clients.
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