ICICI Securities upgrades Indian IT sector to 'Neutral'

ICICI Securities upgraded its stance on the Indian IT sector to 'Neutral' as valuations capture structural AI headwinds. The brokerage firm reportedly prefers mid-cap stocks like Coforge and Mphasis over large-cap peers due to their ability to remodel business models quickly. It noted that the Nifty IT index has declined more than 21% on a year-to-date basis.