Indian shares rise on surging IT stocks [Reuters]
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Source: Reuters
Indian shares rise on surging IT stocks | Reuters Reuters Staff 2 Min Read * NSE index up 0.5 pct, BSE index up 0.6 pct * Tata Motors top pct loser on both indexes By Krishna V Kurup May 24 (Reuters) - Indian shares rose on Thursday, driven by IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd on the back of a weak rupee. The rupee has weakened by more than 7 percent so far this year, hitting its lowest since December 2016 at 68.46 per dollar on Wednesday, as surging crude oil prices weigh on India, the world’s third largest importer of the commodity, raising fears that soaring costs could drive up inflation and widen the trade deficit. Bearish bets on the rupee climbed to their highest since August, a Reuters poll showed last week, with sentiment further soured by rising oil prices. A weaker rupee could translate into higher returns from the U.S. market, the biggest source of revenue for IT companies. With the market factoring in that the rupee will stay at current level
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