IT stocks buoyant on Infosys numbers

The BSE IT index jumped 4% to 5,195 after touching a high of 5,210.

Wipro and TCS surged 4.8% each to Rs 695 and Rs 749, respectively. Infosys, after announcing its results, rallied 4% to Rs 2,587.

HCL Technologies 3.6% to Rs 368.

MphasiS and Oracle Financial Services added 2% each. Patni Computers moved up 1.5% to Rs 505.
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(Updated at 0933 hrs)

The BSE IT index surged over 2% in opening trades this morning despite an otherwise flat market. Infosys Q3 numbers are said to be better-than-expected, which have now acted as a trigger for the entire sector.

Infosys Technologies, India's second largest software services exporter, has reported a 3.6 per cent decline in net profit to Rs 1,582 crore for the third quarter ended December 31, 2008. Total income too saw a decline of close to 1 per cent to Rs 5,741 crore.

On a sequential basis, net profit grew by 2.7 per cent while the topline by 2.8 per cent, indicating some silver lines as the economy is trying to pull itself away from the recessionary quicksand.

The BSE IT index is now up over 3% at 5,155. Infosys has surged 3.5% to Rs 2,574. TCS and Wipro too have rallied around 3.5% each to Rs 739 and Rs 685, respectively.

HCL Technologies, MphasiS, NIIT, Oracle Financials, Patni Computers, Rolta and Tech Mahindra are up 1-2% each.