Persistent Systems Ltd Quarterly Results

The all-cash acquisition, backed by Nagarro's largest shareholder, will expand Persistent's European presence and is expected to take combined annual revenue to about $2.9 billion

In the past three weeks, the Nifty IT index tanked 13 per cent, as against 2 per cent rise in the Nifty 50.

Fed decision, weak US cues: At 10:18 AM on Thursday, the Nifty IT index was the top sectoral loser, down 1 per cent, as against a 0.10 per cent rise in the Nifty 50.

IT stocks witnessed heavy selling pressure on Wednesday tracking overnight losses in technology shares in the US market. Indian ADRs cracked up to 8%.

In the past three sessions, the Nifty IT index has climbed as much as 6 per cent, while the Nifty index has declined 2.50 per cent.

Anand James of Geojit Investments has recommended three stocks to buy today - LT Foods, Torrent Power, and Persistent Systems.

CLSA found that most SaaS companies have either maintained or increased their revenue and margin guidance for the upcoming fiscal year and beaten consensus EPS

Today's sharp outperformance in the IT sector was driven by overnight rally in tech stocks on the Wall Street and company-speciific developments back home.

Prashanth Tapse of Mehta Equities said that while IT stocks have seen some improvement in price, the broader fundamentals of the sector remain challenging due to relatively subdued growth expectations

The Nifty IT index has corrected 27 per cent on a Y-T-D basis, in comparison, the Nifty 50 index has declined 9.5 per cent in the same period.