Indian IT stocks rallied on Tuesday after Cognizant reported a better-than-expected growth of 9.74% rise in profit for the quarter ended Mar. 31, 2015. The company has earned USD 382.90 million, or USD 0.62 a share in the quarter, compared with USD 348.90 million, or USD 0.57 a share for the same period last year.

On an adjusted basis, earnings per share were at USD 0.71 for the quarter compared with USD 0.62 in the same period last year.

Revenue during the quarter grew 20.19% to USD 2,911.40 million from USD 2,422.30 million in the previous year period.

'Cognizant's 1Q results were above expectations on growth, in a quarter where all of its peers disappointed. Also, there was a beat of 2c on our non-GAAP EPS estimate. Another positive was the full year guidance being raised marginally to 19.3% y-y growth (vs. 19% earlier), which we had expected would be kept unchanged,' said Nomura.

MindTree gained the most with a rise (2.89%), followed by CMC (2.14%), Tata Consultancy Services (1.94%), Oracle Financial Services Software (0.61%), Tech Mahindra (0.17%), Wipro (0.90%) and MphasiS (0.10%).