In a recent report, Nomura has turned bullish on the Indian IT sector. It expects revenue growth to stabilise and believes that EPS downgrade cycle is set to end. The firm has identified Infosys and Coforge as its top picks.

Wipro, Infosys and HCL Tech see ratings upgrade 

It has upgraded its ratings to Buy for Wipro (from Reduce), Infosys (from Neutral), and HCL Technologies (from Neutral). TCS has been upgraded to Neutral (from Reduce). Among large caps, Infosys, Wipro, and Tech Mahindra are the top picks and Coforge and Birlasoft are favoured among midcaps.

Nomura has adjusted its earnings estimates for FY25-26F, ranging from -3% to +5% across its coverage universe. The expected revenue growth in FY25F will be driven by large co…