Shares of IT companies moved higher in a weak market after Infosys surprised with better-than-expected net profit for quarter ended June 2014.

Infosys today reported 21.57% growth in consolidated net profit to Rs 28.86 billion for the quarter ended Jun. 30, 2014 as compared to Rs 23.74 billion in the same period last year. On quarter on quarter basis, it posted a fall of 3.5% in the net profit. Market was expecting profit to come at Rs 26.67 billion.

Revenues has increased to Rs 127.7 billion for the quarter ended Jun. 30, 2014 from Rs 112.67 billion for the quarter ended Jun. 30, 2013, representing an increase of 13.3%. On quarter on quarter basis, it posted a fall of 0.8% in the revenues.

BSE IT index gained by 1.13% on Friday. Shares of HCL Technologies climbed  1.47% followed by TCS (1.46%), Infosys (1.07%), Wipro (0.95%), and Tech Mahindra (0.85%).