IT index hits record high; Infosy, HCL Tech at lifetime high

TCS, Infosys, HCL Technologies, Wipro, Tech Mahindra and Hexaware Technologies are up 1-5% on the BSE.

Shares of information technology (IT) are in demand on the bourses with the Bombay Stock Exchange (BSE) IT index hitting a record high on expectations of a rise in demand in the coming year.

On Wednesday, the US Federal Reserve announced that it would start tapering its massive stimulus program in January, giving a vote of confidence to the recovery in the US economy and job market.

Most large and mid-size IT players have hinted at a marginal uptick in spending by clients and a rise in discretionary spending during 2014.

Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, Tech Mahindra and Hexaware Technologies are trading higher in the range of 1-5% on the BSE.

The BSE IT index, the largest gainer among sectoral indices, was up 2% at 8,932 compared to 0.92% decline in benchmark S&P BSE Sensex at 1045 hours. IT index opened at 8,805 and touched a record high 8,974 during intra-day trade so far.

HCL Technologies has rallied nearly 5% to Rs 1,257, while Infosys is up 2.4% at Rs 3,540, trading at their lifetime highs on the bourses.