Shares of information technology (IT) companies are in focus and trading higher by up to 3% on the Bombay Stock Exchange (BSE) in otherwise weak market.
Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, Polaris Financial Technologies, Tech Mahindra, Hexaware Technologies and Oracle Financial Services are up 1-3%.
The BSE IT index, the largest gainer among sectoral indices, was up 1.5% compared to 0.48% decline in benchmark S&P BSE Sensex at 1040 hours.
IT companies will kick start the results season from next week. Infosys, the country’ second largest software services exporter, will announce results for its third quarter ending December 31, 2013 on Friday, January 10, 2014.
Analyst upgrade Infosys to ‘Buy’ as the company may surprise on margins, driving earnings growth. The stock was up 1.6% to Rs 3,529 on the BSE.
Meanwhile, IT stocks have outperformed the broader index by 30-60% over the last six months led by improving US macro environment; investor preference for technology stocks given a weak macro environment in the country and depreciating of Indian rupee against US dollar.
Among the other individual stocks, TCS was up 2.5% at Rs 2,215. The stock was hit a record high of Rs 2,258 on October last year.
Hexaware Technologies too, up 2.5% at Rs 133, followed by Tech Mahindra and HCL Technologies are up 1% at Rs 1,839 and Rs 1,263 respectively.
Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, Polaris Financial Technologies, Tech Mahindra, Hexaware Technologies and Oracle Financial Services are up 1-3%.
The BSE IT index, the largest gainer among sectoral indices, was up 1.5% compared to 0.48% decline in benchmark S&P BSE Sensex at 1040 hours.
IT companies will kick start the results season from next week. Infosys, the country’ second largest software services exporter, will announce results for its third quarter ending December 31, 2013 on Friday, January 10, 2014.
Analyst upgrade Infosys to ‘Buy’ as the company may surprise on margins, driving earnings growth. The stock was up 1.6% to Rs 3,529 on the BSE.
Meanwhile, IT stocks have outperformed the broader index by 30-60% over the last six months led by improving US macro environment; investor preference for technology stocks given a weak macro environment in the country and depreciating of Indian rupee against US dollar.
Among the other individual stocks, TCS was up 2.5% at Rs 2,215. The stock was hit a record high of Rs 2,258 on October last year.
Hexaware Technologies too, up 2.5% at Rs 133, followed by Tech Mahindra and HCL Technologies are up 1% at Rs 1,839 and Rs 1,263 respectively.
