CNX IT has given 14.5% return from its recent closing low of 8,675 touched on May 19th and is up 6.5% from March closing. Nasscom indicated that in FY2015, the industry exports are projected to grow between 13-15%, while domestic market revenues are expected to grow by 9-12%. ''While Q4FY14 results were soft, we expect Q1FY15 results to be driven by accelerating of growth witnessed by companies with pick in client-spending, growth restored in North America and Europe opening up for offshoring,'' said Marwadi Shares & Finance (MSFL).

''The pecking order in terms of USD revenue growth is expected to remain the same with TCS leading the pack (+5% q-o-q) followed by HCL Tech (+4% q-o-q). Company specific issues are likely to keep growth in Infosys and Wipro relatively muted,'' it said.

''We expect tier-I companies to lead growth during FY2015 with volume growth to be 10%+. After a quarter of margin decline across the board, outlook on sustainable profitability and levers to offset potential currency risks will be keenly watched. We continue to remain positive on HCL Tech, Infosys and Tech Mahindra,'' said MSFL.

''Accenture and SAP exhibited strong set of results as well as outlook indicating strong deal activity which bodes well for Indian IT Services. We maintain positive stance on the sector and will focus on management commentary regarding strength in demand environment, levers to defend margins with INR appreciating and view on discretionary spending,'' it added.

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