IT stocks lead Sensex, Nifty gainers after rupee falls off 13-month lows

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IT stocks lead Sensex, Nifty gainers after rupee falls off 13-month lows

Information technology stocks were the top gainers on Sensex and NIfty today after the Indian rupee fell off its 13-month low levels as growing worries over higher crude prices and likely fiscal slippages led to subdued forex market sentiments. IT sector stocks rose the most among BSE sectoral indexes with the BSE  IT index trading 412 points or 3.24% higher at 13,136 level. The stock closed at 12,723 level on Thursday.

TCS (4.96%), Infosys (3.43%) and Wipro (2.38%) were the top gainers on Sensex.

TCS (4.92%), Infosys (3.25%), HCL Tech (3.09%), Tech Mahindra (2.46%) and Wipro (1.97%) were the top five gainers on the Nifty.

TCS stock also rose after the firm's Q4 earnings met expectations and it said growth is seen  in double-digits in FY19.

IT firms  earn their revenue primarily in dollars and rupee depreciation comes as good news for them as they tend to get more returns compared to dollar.

At 10:09 am, the rupee was trading at 66.045 level against the US dollar.

The Indian currency closed at fresh 13-month low of 65.80 a dollar, dropping 14 paise on Thursday.

The Indian currency logged its lowest closing since March 14, 2017, when it had closed at 65.82 against the US dollar. The rupee emerged as the worst performer among the major Asian and emerging market currencies.

The rupee has depreciated by a staggering 60 paise in the recent spell of downtrend.

World crude prices rose to a new 2018 peak of $74 a barrel, following reports of a sharp fall in US crude inventories coupled with Middle East tensions and also growing optimism ahead of major oil producers' meet on Friday.

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