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Stocks of major information technology companies are seen trading positive next week on weak rupee, which is likely to help companies in the near term.
The Indian currency on Thursday touched a 37-week low of 56 per dollar intraday as the greenback strengthened after the US Federal Reserve Chairman Ben Bernanke said the central bank could decide at one of its next few meetings to scale back its $85 billion per month bond buying programme if the US economy showed signs of sustaining recovery.
The rupee, which ended at 55.63 per dollar, has traded in a range of 53.65-56.00 per dollar since March. Investors will keep an eye on Infosys after the company provided a positive near-term outlook.
On Wednesday, Managing Director and Chief Executive Officer S.D. Shibulal said a strong order pipeline and client focus will help Infosys to bring about balanced growth going forward. He also added that the company has "very large opportunities" in the pipeline but these will take some time to translate into revenue.
When I look at the direction we have taken, we are confident. When I look at the future, I see the strategies yielding results through the medium and long term. Further, the company said that it will focus on its products and platforms business and will look for opportunities in life sciences space.
