Share market update: IT stocks rise as rupee plunges to life-time low; Infosys jumps over 3%

NEW DELHI: Most IT stocks were trading with gains in Friday's session after a fresh fall in the Indian rupee against the US dollar.

Continuing its slide for the third session, the rupee today collapsed to a life-time low of 69.12 against the US dollar after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years, PTI reported.

The Nifty IT index was trading 1.61 per cent up at 14,723 around 11:25 am.

Shares of Infosys (up 3.41 per cent) was the leading the pack, followed by Tech Mahindra (up 2.22 per cent), HCL Technologies (up 1.76 per cent), Mindtree (up 1.50 per cent) and Infibeam Incorporation (up 1.02 per cent).

Tata Elxsi (up 0.81 per cent), Tata Consultancy Services (up 0.69 per cent), KPIT Technologies (up 0.67 per cent), Oracle Financial Services Software (up 0.51 per cent) and Wipro (up 0.26 per cent) too were among the gainers.

Gains in heavyweights, including Reliance Industries, Larsen & Toubro and ICICI Bank were keeping the benchmark indices up.

The NSE Nifty50 index was up 49 points at 11,007, while the BSE Sensex was up 171 points at 36,522.

Among the 50 stocks in the Nifty index, 27 were trading in the green, while 23 were in the red.

Bajaj Finance, Bajaj Finserv, Infosys, Tech Mahindra and Larsen & Toubro were among the top gainers in the Nifty index.

On the other hand, Vedanta, BPCL, HPCL, Indian Oil Corporation and ONGC were among the top losers in the Nifty pack of stocks.