Despite the weakness in the overall market, Information Technology (IT) stocks jumped higher today as robust quarterly numbers from global IT major Accenture Plc boosted investor sentiment.

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At the time of writing this copy at 9:53 am, Nifty IT was the sole gainer among other sectoral indices on the NSE. Nifty IT was up 1.8 percent at 36,803.65 points.

Accenture Plc's Q1 revenue came in at $15 billion, up 27 percent. New bookings are a record $16.8 billion, a 30 percent on-year increase in dollar terms, with record consulting bookings of $9.4 billion and outsourcing bookings of $7.4 billion.

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The IT major's management also highlighted that demand remains extraordinarily high, analysts noted.

Further, Accenture has raised its FY22 guidance from 12-15 percent to 19-22 percent.

"Accenture's blockbuster performance and solid commentary support our thesis of robust tech upcycle that would continue for four-five years," Edelweiss Securities said.

Edelweiss Securities prefers HCL Technologies, Tata Consultancy Services and Infosys among large-caps, and it prefers Coforge, Larsen & Toubro Infotech and Mindtree in midcaps. The brokerage likes Zensar Technologies, Persistent Systems, Birlasoft and Firstsource Solutions in the smallcap space.

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Some foreign brokerage firms are also bullish on the IT sector, particularly some stocks.

Goldman Sachs said that the global IT company's earnings provide a positive read-across the Indian IT sector from both demand and margin perspectives. The brokerage has reiterated its 'buy' call on Infosys and Tata Consultancy Services (TCS).

Meanwhile, Credit Suisse's preferred picks in the Indian IT space are Infosys, TCS and HCL Technologies.

Accenture’s earnings reinforce Morgan Stanley's view on growth momentum for Indian IT companies. The foreign brokerage added that Accenture’s better-than-expected earnings in Q1, guidance hike and upbeat demand commentary bode well for Indian IT companies.

Morgan Stanley has said that it sees room for Indian IT stocks to react positively given large valuation discounts to Accenture.

The share price of Infosys, Wipro, HCL Technologies, Mphasis, Larsen & Toubro Infotech, Mindtree, TCS, Tech Mahindra and Coforge were up nearly 1-3 percent as of 9:55 am.

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