IT stocks gain up to 3 per cent on rupee fall

New Delhi: IT stocks rose up to 3 per cent on Monday amid weakness in the rupee which ended at a historic low of 69.91 against the US currency.

This trend is largely seen as positive for exports-focussed sectors like the Indian IT space. Shares of Hexaware Technologies went up 2.63 per cent, Tech Mahindra 2.01 per cent, Infosys 1.75 per cent, HCL Technologies 1.70 per cent, Wipro 1.31 per cent and TCS 0.33 per cent on BSE. Led by gains in these stocks, the BSE IT index ended 1.24 per cent higher at 14,865.80.

The rupee on Monday crashed by Rs 1.08 or 1.57 per cent to end at historic low of 69.91 against the US currency amid a global rout in currencies following fears that Turkish economic crisis could engulf world economy.