IT stocks gain on firm US economic data

TCS, Infosys, Tech Mahindra, Mindtree and Wipro are up between 1-3.5% on BSE IT share index.

Shares of IT companies are trading higher on the back of strong US economic data. U.S. data on Thursday showed home resales rose to a 10-month high in July, factory activity in the mid-Atlantic region hit its highest level since March 2011 in August, and a gauge of future economic activity grew solidly last month.

 

TCS, Infosys, Persistent Systems, Tech Mahindra, Mindtree, HCL Technologies and Wipro are up between 1-3.5% on the Bombay Stock Exchange (BSE) IT share index.

 

However, TCS is leading the rally on the Sensex up 1.4% at Rs 2,466.00, while Infosys and Wipro have climbed 1.1% and 0.5% each to quote at Rs 3,583.95 and 553.20 respectively.

 

 

At 12.30 PM, the CNX IT is quoting at 10506.00 points up by 113.15 points or 1%. 

 

Meanwhile, Tech Mahindra, HCL technologies, Infosys and TCs have gained between 1-2.5% on the National Stock Exchange.