IT stocks in demand

Nine IT stocks rose by 0.02% to 2.59% at 9:31 IST on BSE on positive economic data in US, the biggest outsourcing market for the Indian IT firms.

Oracle Financial Services Software (up 2.59%), MphasiS (up 0.88%), HCL Technologies (up 0.52%), Hexaware Technologies (up 0.52%), CMC (up 0.37%), Tech Mahindra (up 0.18%), Wipro (up 0.04%), TCS (up 0.04%) and Infosys (up 0.02%), edged higher.

The BSE IT index was up 0.48% at 9,076.92. It outperformed the Sensex, which was down 0.04% at 25,359.12.

The BSE IT index had outperformed the market over the past one month till 24 June 2014, rising 7.04% compared with 2.74% rise in the Sensex. The index had, however, underperformed the market in past one quarter, rising 1.84% as against Sensex's 15.02% rise.

Data showed purchases of new homes in the US rose in May by the most in 22 years, indicating the industry is rebounding from a winter-induced lull at the start of the year. The Conference Board's index of US consumer confidence increased to 85.2 in June from 82.2 a month earlier, the New York-based private research group said yesterday.

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