Software stocks are in heavy demand today. Here are the numbers

Software stocks were in heavy demand after a global brokerage said the recent depreciation in the value of the Rupee versus the Dollar would be beneficial for the export-oriented sector.

The Rupee has slipped 3 percent so far in August compared with the Dollar as a wave of currency weakness swept through most Asian nations after China devalued its Yuan to boost its sagging economy.

As a consequence, Credit Suisse said in a note to its clients that the recent fall in the value of the Rupee would help software major record higher rupee-denominated sales to the tune of 230 basis points. Similarly, margins would rise by 70-90 bps falling the devaluation of the Rupee.

Credit Suisse singled out Tech Mahindra as one of the main beneficiaries of this trend.

As a consequence, HCL Tech surged 2 percent to 974.15 rupees.
Oracle Finance was up 1.6 percent to 3,985.20 rupees.
Wipro added 0.5 percent to 568.50 rupees.
and MindTree was up 0.5 percent to `1,411.50 rupees.

TCS and Tech Mahindra gained 0.5 and 0.4 percent respectively as well.

Image credit: Indiatimes