Nomura prefers HCL Tech, Tech Mahindra and TCS over Infosys and Wipro.
Although the CNX IT index is down at a five month low with IT major Infosys down close to around 3 percent Ashwin Mehta of Nomura sees this an opportunity to invest in the sector than be too worried about it because the under lying strength for the sector still remains positive.
According to him there are could be three reasons for the fall in the index. One is that the US macro improvement has not reflected in terms of demand for the sector. Two, lack of acceleration at the start of the year quashed investor hopes and three, could be fears of INR appreciation.
The house, he says prefers HCL Tech , Tech Mahindra and TCS over Infosys and Wipro because the companies seem to have benefited from the market share in the infrastructure management space and are better placed to take advantage of any reallocation of costs savings. HCL Tech remains their top pick in the sector.
Also read: Tech M & Infosys eye Bharti Airtel's IT deals worth $1.5bn
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