I am not sure if the IT companies will benefit. It is true that if the rupee weakens, then it is going to be positive for the IT companies but IT companies have larger concerns here. Any weakness caused by the weakness in China will result in weak IT spending and that is not good news for the IT companies. Another key factor to consider is that mid caps could be the big beneficiaries of this move as weak oil prices are likely to directly benefit them. It may be a better idea to buy quality mid caps at good prices. However, you must not be in a hurry to jump in and buy. Instead, wait for the volatility to settle down because after such a fall the markets will rarely show a V-shaped recovery.