"There's a lot going for India, but it's not this quarter's earnings," economists at the bank said, referring to the country's current status as a top emerging market pick.
IT stocks are expected to be range bound until there is better visibility in budgets. "We are probably going to get that visibility in four to six weeks from now," he added.
Infosys is expected to announce its second quarter result on October 12. Most experts feel that the recent fall in the rupee will help boost Q2 earnings of the Indian IT companies like Infosys. Ashwin Mehta from Nomura India too feels that Infosys is likely to benefit most from the rupee's depreciation.