Nifty IT index snaps 7-day losing streak as LTI Mindtree, Infosys shares jump up to 2%

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The Nifty IT index rose nearly 150 points to stand in the green at 41,226 on February 18, breaking its 7-day losing streak. This comes as IT stocks rallied as the Indian rupee opened 5 paise lower, threatening to breach the 87 mark again against the US dollar.

As the US dollar strengthens against the Indian currency, exporters earnings in dollars like IT services, pharmaceutical companies and textile businesses are expected to benefit. This results in a positive outcome for their stock prices, despite the fall in Indian rupee.

LTI Mindtree shares were the top gainer on the index, rising as much as 2.41 percent to trade at Rs 5,605 apiece. The stock was followed by Persistent Systems shares, which were up 1.47 percent to trade at Rs 5,612 apiece, and L&T Technology Services (LTTS) shares which were trading 1.46 percent higher at Rs 4,887 apiece. The other stocks which recorded minor gains included Tech Mahindra, Wipro and Infosys.

Despite the positive momentum in the index, few stocks bucked the trend to trade in the red. TCS and Mphasis shares were trading with minor losses, while Coforge shares were down over 1 percent at Rs 7,605 apiece.

The rise in the share prices of heavyweights LTI Mindtree and Infosys pulled the index up. However, the fall in Coforge and TCS share prices dragged Nifty IT down.

The index has recorded continuous losses for the past seven consecutive sessions from February 7 onwards, shedding nearly 1,950 points. This comes as the stock markets see continuous volatility. Sensex on February 18 slipped nearly 367 points to stand at 75,630. Nifty meanwhile fell 127 points to 22,832.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.