IT index ends up 5%; Patni surges 7%

The BSE IT opened up 16 points, at 2,554 and reached a low of 2,550. The index, thereafter, gained strength and went up gradually to a high of 2,672.

The index ended up 5% at 2,663.

Patni Computers rallied 7.5% to Rs 162. Financial Technologies advanced 7% to Rs 708.

Rolta India added 6% to Rs 79. Infosys, Oracle and Wipro moved up 5% each.

TCS, MphasiS and HCL Technologies were the other prominent gainers.

Updated at 1306 hrs

Fresh buying by investors have helped IT stocks gain today. The BSE IT index has rallied over 3% to 2,620.

The major IT companies have recently announced cost-cutting plans - like lesser working days, cut in staff salary - to cushion the effect of the economic slowdown.

The IT index opened up 16 points this morning, and after touching a low of 2,550, moved up steadily to a high of 2,630. The index is up around 8.5% in the last one week.

Patni Computers with a gain of 7.5% at Rs 162 is the top gainer in the sector. IT giant Infosys has surged over 4% to Rs 1,493. Wipro has rallied 3.7% to Rs 327.

Finanacial Technologies, Oracle Financial and MphasiS have gained 3% each. TCS has added 2.5% to Rs 613.

Click here to read: Top 4 IT firms continue to face the slowdown heat