IT companies cheer Fed rate hike; stocks gain up to 17%

Scrips of MphasiS, Mastek, Firstsource Solutions and Zen Tech gained 7.57 per cent, 3 per cent, 8.5 per cent and 8.64 per cent, respectively in intraday trade.
Among largecap stocks, Infosys added 1.05 per cent to Rs 1,110. TCS ended 1.38 per cent higher at Rs 2445.75, while Tech Mahindra and Wipro gained 1.08 per cent and 0.09 per cent, respectively. HCL Tech added 1.74 per cent to Rs 863.60.

IT companies cheer Fed rate hike; stocks gain up to 17%

The stocks rose on hopes that volatility in the currency market may halt now that the Fed rate hike is done and dusted. A strong dollar will help IT companies contain cross-currency headwinds.
Cross Currency headwinds is a term used to indicate a possible loss in revenues due to volatility in currency cross between rupee and dollar.
The US central bank's policy-setting committee on Wednesday raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 per cent and 0.50 per cent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs.
Meanwhile, the dollar index, which tracks the movement of dollar against a basket of six major currencies, stood at 98.80.

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