BofA-ML upgrades Infosys, Tech Mahindra to 'buy'

Cites improved revenue confidence and hopes of better earnings

Bank of America Merrill Lynch has upgraded Infosys and Tech Mahindra to 'buy' from 'neutral' citing improved revenue confidence and hopes of better earnings.

The investment bank says anecdotal evidence indicates deal closures are picking up and softness in the banking vertical is bottoming.

Infosys rose 1.7 percent, while Tech Mahindra gained 1.8 percent.