NEW DELHI: A fresh fall in Indian rupee and better-than-expected earnings by industry heavyweight Tata Consultancy services seem to have augured well for IT stocks.

The Nifty IT index was trading 3.39 per cent up at 13,724 around 10:35 am (IST) on Friday with majority of the components in the green.

Shares of Tata Consultancy Services (up 4.95 per cent) surged 5 per cent, followed by Infosys (up 3.46 per cent) and HCL Technologies (up 3.04 per cent).

Shares of Tech Mahindra (up 2.96 per cent), MindTree (up 2.76 per cent), KPIT Technologies (up 2.58 per cent), Wipro (up 1.90 per cent), Tata Elxsi (up 1.60 per cent) and Oracle Financial Services Software (up 1.52 per cent) were also trading with gains.

Infibeam Incorporation (down 0.23 per cent) was the only component in the Nifty IT index that was in the red around that time.

Equity benchmarks were trading in the red, hit by weakness in bank stocks post RBI's hawkish policy stance and simmering oil prices. However, a rally in IT stocks capped the fall.

The NSE Nifty50 index was down 21 points at 10,544, while the BSE Sensex was 49 points down at 34,378.

Among the 50 stocks in the Nifty index, 14 were trading in the green, while 36 were in the red.

TCS, Infosys, Tech Mahindra, HCL Tech and Tata Motors were among the top gainers in the Nifty index.

However, Hindalco Industries, Bajaj Finance, YES Bank, Tata Steel and State Bank of India were among the top losers in the Nifty pack of stocks.