IT stocks stable as Cognizant raises annual and quarterly revenue guidance

Shares of Indian IT companies are in the spotlight today after the Nasdaq-listed IT services major Cognizant Technology Solutions, reported its Q4 results that exceeded Wall Street expectations. The Nifty IT Index as well as individual tech counters like Infosys, Wipro, Tech Mahindra and HCL Tech are all in the green even as the markets remain in the red within a right range.

This positive performance from the US-based IT giant Cognizant has sparked interest in the broader IT sector, particularly in Indian IT stocks. Cognizant posted a 6.7% YoY revenue growth for Q4 at $5.2 billion, surpassing analysts forecast of $5.06 billion. The company also raised its quarterly cash dividend by 3%, increasing it to 31 cents per share.