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IT stocks gain on positive economic data in US

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Six IT stocks rose by between 0.52% to 2.12% at 10:50 IST on BSE on positive economic data in US.

Meanwhile, the BSE Sensex was up 112.25 points, or 0.46%, at 27,144.51.

MphasiS (up 0.63% to Rs 451), TCS (up 0.58% to Rs 450.25), Infosys (up 2.12% to Rs 3,688), Wipro (up 1.65% to Rs 569.65), and Tech Mahindra (up 0.52% to Rs 2,418.30) gained.

HCL Technologies rose 1.56% to Rs 1,669.90 after the company announced during market hours that it has been selected by Sydney Trains as a strategic partner to provide bespoke systems support services. HCL will provide end-to-end application management and support services to transform the company's IT landscape.

 

US is the biggest outsourcing market for Indian IT companies.

Among economic data in US, the Institute for Supply Management said its US manufacturing activity index rose to 59 in August, the strongest since March 2011. The data was announced on Tuesday, 2 September 2014.

Separately, US construction spending staged a strong rebound in July, rising by the largest amount in more than two years. Construction spending rose 1.8% in July, the biggest one-month gain since May 2012, the Commerce Department reported Tuesday, 2 September 2014. It followed a 0.9% decline in June, the largest setback in a year.

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First Published: Sep 03 2014 | 10:45 AM IST

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