NEW DELHI: Most IT stocks were trading in the positive territory in Friday's session, following a fresh fall in the Indian rupee against the US dollar.
The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices. At the time of writing this report, the rupee was trading at 70.95, down by 21 paise.
The Nifty IT index was trading 1.5 per cent up at 15,763 around 11:10 am, with all components in the green.
Shares of HCL Technologies (up 3.28 per cent), Tech Mahindra (up 2.25 per cent) and Mindtree (up 2.18 per cent) were the top gainers in the index.
Shares of Wipro (up 1.77 per cent), KPIT Technologies (up 1.77 per cent), Infosys (up 1.45 per cent) and Tata Elxsi (up 1.08 per cent) too witnessed decent traction.
Infibeam Avenues (up 0.37 per cent) and Oracle Financial Services Software (up 0.19 per cent) were in the green, but shares of Tata Consultancy Services (up 0.03 per cent) were almost flat around that time.
Market erased the entire gains of early session and turned red as caution crept in ahead of Q1 GDP numbers.
Weak Asian peers offered no hope, while Indian rupee extended its fall against the US dollar.
Asian stocks declined after reports emerged that Trump administration was preparing to impose fresh tariffs on Chinese imports.
Benchmark NSE Nifty50 index was down 4 points at 11,673, while the BSE Sensex was 28 points down at 38,662.
Among the 50 stocks in the Nifty index, 31 were trading in the green, while 19 were in the red.
HCL Technologies, Bharti Infratel, Dr. Reddy's Laboratories, Tech Mahindra and Sun Pharmaceutical Industries were among the top gainers, while YES Bank, Vedanta, Reliance Industries, Mahindra & Mahindra and ICICI Bank were among the top losers in the Nifty index.
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