Cognizant's results and commentary were weaker than most large-cap Indian IT Services companies, which have started talking about bottoming out (TCS) and green-shoots (Wipro).
Brokerage firm Jefferies maintained a hold rating on HCL Technologies and an underperform rating on Wipro post-Q3 results. Goldman Sachs maintained a buy rating on Polycab India and UBS initiated coverage on SBI Cards with a neutral rating.
Led by industry heavyweights TCS Infosys, the four key software companies, have added about $22 billion in market value in just two trading sessions since Thursday, when the Q3 earnings season kicked off. A potential revenue rebound and easing global macroeconomic worries have boosted sentiment.
Wipro s American Depository Receipts (ADRs) on January 12 surged almost 18 percent to hit a near-20-month high of $6.35 after the company reported its December quarter earnings.