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IT stocks were up as Nasscom FY revenue guidance was seen as positive. Nifty IT index rose as much as 1.3 per cent in second consecutive session of gains.
Tech Mahindra and HCL Technologies were up about 2 per cent, and were the top percentage gainers on the NSE index. Wipro Ltd, Tata Consultancy Services Ltd and Infosys Ltd were up about 1 per cent each.
India's software services exports will see a revenue growth of 7-9 per cent in constant currency terms in FY19, lobby group Nasscom had forecast on Tuesday.
Improved guidance consistent with recent commentary from IT cos, reaffirmed “our view that the trough is behind us in the near term,’’ Goldman Sachs analysts wrote in a note.
Macquarie analysts expect FY19 to be marginally better than FY18 for revenue growth for large-cap Indian IT cos.
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