Infosys is changing things for the better for other IT cos today

Most constituents of the CNX IT Index got a nice lift upwards after Infosys reported a stellar set of first quarter earnings as traders ramped up IT stocks that have yet to report earnings.

Infosys lifted the gloom off the sector, which had set in after larger rival Tata Consultancy Services announced a tepid set of earnings earlier in July.

Meanwhile, five out of the top 10 gainers on the Futures and Options space were IT majors, including the CNX IT Index and Infosys futures, which leapt 11 percent to 1,182 rupees. Their OI rose 20 percent and were the top traded counter on the F&O market.

HCL Tech futures rose 4.3 percent to 990 rupees.

Tech Mahindra futures added 3.6 percent to 512 rupees.

Wipro rose 2.4 percent to 583.95 rupees

And the CNX IT Index surged 4.6 percent to 11,770 points.

Infosys, before markets opened today, raised its FY16 Revenue guidance in Dollar terms to 7.2-9.2%, a rise of 1 percentage point.

Infosys said its April-June Consolidated net profit stood at 3,030 crore rupees compared with 3,017 crore rupees in a poll of analysts. Sales stood at 14,354 crore rupees compared with 14,100 crores estimate by brokerages.

(Image credits: indiainfoline)