Accenture's strong Q1FY21 results make analysts bullish on Indian IT stocks

With the global IT behemoth reporting sharp uptick in outsourcing business, and broad-based recovery across verticals and markets, here is how analysts read through the numbers

The information technology (IT) space was outperforming the benchmarks in trade on Friday, a day after Ireland-based Accenture reported strong earnings for quarter ended November 30 (Q1FY21) and revised upwards revenue growth forecast for full fiscal year of 2021 to 4 – 6 per cent from an earlier estimate of 2 – 5 per cent.

At the index level, the Nifty IT index hit a record high of 23,408, up 2 per cent on the NSE in intraday trade. In comparison, the benchmark Nifty50 index was down 0.5 per cent at 13,676. Individually, sector giants Tata Consultancy Services (TCS) and