IT shares rally post Nasscom report

HCL Technologies, TCS, Infosys, Wipro, Tech Mahindra and Mindtree are up 1-4% on the Bombay Stock Exchange.

Shares of information technology (IT) companies are trading higher by up to 9% after software industry lobby the National Association of Software and Services Companies (Nasscom) said that IT exports to grow by 13-15% in the fiscal year 2014-15.

At 1355 hours, the S&P BSE IT index, the largest gainer among sectoral indices, up 1% or 95 points at 9,225, compared to 0.23% or 47 points rise in benchmark S&P BSE Sensex at 20,381 points.

Among frontline IT stocks - HCL Technologies, Tata Consultancy Services (TCS), Infosys, Wipro, Tech Mahindra and Mindtree are up 1-4%, while Mastek, Peristent Systems, CMC, Rolta India, Eclerx Services are up 3-9% on the BSE.

“The sector's exports in fiscal 2015 are forecast to rise to as much as $99 billion compares with an estimated 13% rise in fiscal 2014”, a Reuters report suggested quoting Nasscom.

Strong December-quarter results from second-ranked Infosys and its peers, including top-ranked Tata Consultancy Services , has fuelled expectations that the coming fiscal year will see an increase in IT spending by the sector's customers, most of whom as based in the United States and Europe, added report.