Information technology (IT) stocks recovered from their initial losses on Monday as Indian currency rupee hit an all-time low of Rs 77.40 against the US dollar.

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At the interbank foreign exchange, the rupee opened at 77.17 against the American dollar, then lost ground to quote at 77.42, registering a fall of 52 paise from the last close.

A decline in rupee versus the US dollar is broadly seen as a positive, profit-boosting move for export-facing sectors like the Indian information technology space.

Shares of Infosys on Monday gained as much as 2.17 percent on the BSE. The stock outperformed the sector by 1.68 percent and is currently quoting at Rs 1,578 apiece on the BSE, up 2.25 percent.

Infosys intraday chart (Source: BSE)

Meanwhile, shares of HCL Technologies rose as high as around 2.37 percent, currently trading at Rs 1,073.85 per share on the BSE, up 2.20 percent. The stock has outperformed the sector by 2.23 percent.

HCL technologies stock intraday chart (Source: BSE)

Shares of Tech Mahindra declined as much as 6.29 percent, however, it pared off some of its initial losses, as it is currently trading at Rs 1,264 apiece, down 2.05 percent.

Meanwhile, shares of Wipro fell as much as 2.24 percent during Monday's morning session, but subsequently traded in the green, up 0.15 percent at Rs 485.90 apiece on the BSE.

The share price of the IT services behemoth Tata Consultancy Services (TCS) also recovered from an intraday low of 2.45 percent, quoting at Rs 3,428 per share on the BSE, down only 0.15 percent from its previous close.

Nifty IT index on Monday gained 0.40 percent or 111.40 points, and is currently at 30,830.85. This, despite the fact that the Indian equity benchmark indices opened in the red on Monday with the 30-scrip BSE index Sensex opening 647 points lower at 54,188, even as the 50-scrip index Nifty50 opened 183 points lower at 16,227.

First Published:May 9, 2022 1:41 PM IST