IT shares trade firm post Infosys Q4 results

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

Information technology (IT) companies are trading firm in an otherwise weak market after Infosys surprised the Street with a 4.1% q-o-q rise in net profit for the fourth quarter ended March 2014 (Q4) at Rs 2,992 crore.

Infosys, Wipro, Tata Consultancy Services (TCS), HCL Technologies, MindTree and Tech Mahindra are up 1-4% on the Bombay Stock Exchange (BSE).

At 1350 hours, the S&P BSE IT index, the largest gainer among sectoral indices, was up nearly 2% or 173 points at 9,008 compared to 0.83% or 187 points decline in S&P BSE Sensex at 22,442.

Till yesterday, the BSE IT index had underperformed the market by falling 5.5% in past one month after Infosys CEO and Managing Director, S D Shibulal, said that he expects sluggish growth in January-March quarter due to muted spending by clients, especially in the retail sector. The benchmark index has gained 3.53% during the same period.

Among individual stocks, Wipro and TCS are up 3% each at Rs 588 and Rs 2,234 respectively, while Infosys is up 1.5% at Rs 3,.284 and HCL Technologies is up 1% at Rs 1,415.

TCS and Wipro are scheduled to announce Q4 results tomorrow.