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Cognizant Technology has forecast higher revenue growth for 2015 as healthcare spending is on the rise. Cognizant’s forecast is driving IT stocks higher in morning trade.
The company’s December quarter results were robust with 19 per cent growth forecast for 2015, indicating stable demand environment, said analysts.
Tata Consultancy Services gained 1.01 per cent or Rs 25.30 to Rs 2,539.30, Wipro was up 1.34 per cent or Rs 8.30 at Rs 625.95 while Infosys rose 0.67 per cent or Rs 14.25 to Rs 2,156.30.
Jefferies has said cross-currency risks remained for the sector. It has maintained underweight stance on Indian IT sector.
The investment bank has recommended using positive stock reaction after Cognizant's results to trim positions in sector.
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