Nifty IT Rises 1% As Rupee Hits Record Low; Infosys Gains 2%

At 9:50 am on March 4, the Nifty IT index was up 1% at 30,579.45, making it the only sectoral gainer on the National Stock Exchange (NSE), according to exchange data. Eight of the 10 constituents traded higher.

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Infosys rose 2%, while Persistent Systems gained 0.86%. Tech Mahindra, HCL Technologies, Coforge, and Mphasis also traded in the green. In contrast, Wipro declined 1.1% and Oracle Financial Services Software slipped 0.09%, NSE data showed. The Nifty 50 was down 2% at 24,366 at the same time.

Rupee Depreciation Supports IT Stocks

The Indian rupee breached the 92 mark on March 4 and touched a record low of 92.05 against the U.S. dollar, according to Reuters. The decline followed rising crude oil prices and escalating geopolitical tensions in West Asia.

Indian IT companies derive a significant share of revenue in U.S. dollars from overseas clients. A weaker rupee increases the rupee value of dollar-denominated revenues when converted into domestic currency.

Infosys reported revenue of $5,099 million in the December 2025 quarter (Q3FY26), equivalent to ₹45,479 crore, according to the company’s quarterly filing. Historically, 55–60% of Infosys’ revenue has come from North America, company disclosures show.

Tata Consultancy Services (TCS) reported revenue of $7,509 million in Q3FY26, according to its earnings statement. The U.S. accounted for around $4.9 billion of its order book in the quarter, as per company data.

Brokerage Views

Kotak Institutional Equities said in a March 2 report that most IT companies indicated a steady demand environment with no meaningful change in the past month. The brokerage stated that margin expectations remain stable.

Emkay Global Financial Services increased its IT sector exposure in its model portfolio to 10% from 7%, according to its latest report. The brokerage said the sector is trading at 14–18 times price-to-earnings with 4–6% free cash flow yields.

The gains in IT shares on March 4 came amid broader market weakness, supported by currency movement and export-linked revenue exposure, while benchmark indices remained under pressure.