Seven IT stocks rose by 0.43% to 2.55% at 11:19 IST on BSE after strong US housing data released overnight.
The S&P BSE IT index was up 2.03% at 11,818.43. The index outperformed the Sensex, which was up 0.29% at 27,958.27.
Infosys (up 2.55%), Wipro (up 1.3%), TCS (up 2.21%), Tech Mahindra (up 1.09%) Hexaware Technologies (up 0.43%), MphasiS (up 0.66%) and HCL Technologies (up 0.65%) edged higher.
The US is the biggest outsourcing market for Indian IT firms.
Economic data released yesterday, 17 August 2015, showed that US homebuilder sentiment rose in August to its highest level since a matching reading almost a decade ago, the National Association of Home Builders said. The NAHB/Wells Fargo Housing Market index rose to 61 in August from 60 in July, the group said in a statement. Readings above 50 indicate more builders view market conditions as favorable than poor.
Another report showed a dismal performance of the manufacturing sector in New York. The Empire State general business conditions index nose-dived to a reading of negative 14.9 in August 2015, from positive 3.9 in July 2015.
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