Accenture on Thursday reported an excellent set of yearly numbers. The company reported a 16 percent growth in its revenue compared to the previous year. Its order bookings went up by 39 percent and it has upgraded its growth guidance to 10-11 percent.

Shares of almost all IT companies on the Nifty IT index were trading nearly a percent higher on Friday. In fact, tech stocks have outperformed the market this year -- Nifty IT is up 7 percent month-to-date and 20 percent higher year-to-date.

However, the question remains, how much of this rally is fundamentally sound? To figure out the answer, CNBC-TV18 spoke to Sandip Agarwal of Edelweiss Securities and Sudheer Guntupalli of ICICI Securities. While Agarwal is extremely bullish on the IT sector, Guntupalli recently turned a bit cautious.

"IT businesses will compound at a phenomenal, never-seen-before kind of pace. In my view, the earnings will grow at a much better pace in the future. I may go wrong for one quarter, but I think it is 3-5 years upcycle," Agarwal said.

Though Accenture is an Irish company that trades of NYSE, its quarterly numbers can have a strong rub-off effect on Indian IT stocks, Agarwal said. He added that it has moved up sharply since the last time it posted lower-than-expected results. Infosys has shown a similar trend.

"Everyone said Infosys' story is over at Rs 1,320. Today this stock is somewhere else (Rs 1,572), and again when we'll meet next quarter this time, I think people will take cognisance of the fact that we are in the long-term story," Agarwal added.

Guntupalli, on the contrary, took a deeper look at Accenture's sequential numbers. He said a significant part of Accenture's growth is coming from its consulting segment. "There is a bit of recovery in the consulting segment and there is a bit of normalisation of travel reimbursement. These two factors have led to a very strong beat on the overall expectations."

But, this consulting segment, Guntupalli said, "is not very relevant for the Indian IT companies."

"While the narratives and rhetoric have been spicing up expectations, we don't see any hard data to suggest such an upcycle. Or we don't see such hard data to believe that industry's growth rates or profitability would be significantly higher after COVID-19," Guntupalli said.

Watch the accompanying video for more.

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(Edited by : Yashi)