The Nifty IT index surged more than 1.80 percent to 15,615.35 on Thursday after the rupee opened Rs 23 paise lower at Rs 69.10 against the US dollar due to the excessive buying in American currency by banks and importers.

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Among all sectoral indices, Nifty IT index companies traded higher after Nifty Realty. Except for MindTree, all IT companies remained in the green territory.

Shares of HCL Technologies rose 3.25 percent intraday on the NSE while Infosys surged 2.05 percent, Tech Mahindra gained 7.96 percent and TCS rose 1.88 percent.

On Wednesday, the currency had slipped by 2 paise after the Reserve Bank of India’s first-ever rupee-dollar swap action. In the swap auction, RBI bought dollars aggregating to $5.02 billion at a premium of Rs 7.76, which comes to an annualized rate of 3.76 percent.

The central bank received 240 bids worth $16.31 billion at an average premium of Rs 7.92. With the swap action, RBI injected Rs 34,561 crore rupee liquidity as it saw aggressive bidding by banks.

Foreign investors continued to remain the net buyers in the equity and debt segment, taking the inflow to about $6.02 billion in equity and $843 million in the debt market.

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First Published:Mar 28, 2019 10:26 AM IST