Software stocks are doing reasonably well at the Markets today

Software stocks were in a modest uptrend in an otherwise weak market as the Rupee's depreciation versus the Dollar and other currencies put the export-oriented sector under the limelight. Infosys and Tata Consultancy Services were also the top gainers on the Nifty.

The Rupee fell 1 percent on Wednesday, its sharpest intra-day fall in 3 months, after China devalued its currency by 2 percent on Tuesday. Software companies have a majority of their earnings denominated in Dollars and a weakness in the Rupee pushes their revenues further up.

As a consequence, Infosys rose 2 percent to 1,135 rupees on the National Stock Exchange. TCS added 1.4 percent to 2,642 rupees. HCL Tech was up 0.7 percent to 951.25 rupees and MindTree gained 7.2 rupees at 1,389.85 rupees.

Other IT stocks in the uptrend were CMC, KPIT Tech, MphasiS, Polaris and Sonata Software.
The BSE IT Index was also the lone gainer in a sea of red that enveloped the sectoral space.

Image credit: Indiatimes