Shares of nine IT companies rose by 0.52% to 1% at 9:43 IST on BSE on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
Hexaware Technologies (up 1%), TCS (up 0.97%), MphasiS (up 0.88%), HCL Technologies (up 0.85%), Wipro (up 0.82%), Infosys (up 0.80%), Oracle Financial Services Software (up 0.59%), Tech Mahindra (up 0.54%) and CMC (up 0.52%), edged higher.
The S&P BSE IT index was up 0.78% to 8,505.88. It underperformed the Sensex, which was up 1.24% at 24,999.11.
The S&P BSE IT index had underperformed the market over the past one month till 23 May 2014, sliding 4.05% compared with 7.94% rise in the Sensex. The index had also underperformed the market in past one quarter, falling 11.79% as against Sensex's 19.29% rise.
Data from the Commerce Department showed sales of new US single-family homes rose more than expected in April and the supply of houses on the market hit a 3-1/2 year high.
The Commerce Department reported that sales of new homes rose by a larger-than-expected 6.4% to 433,000 in April 2014, after two months of decline.
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