Indian IT stocks drop after Accenture's quarterly results signal 'patchy' demand recovery

** India's Nifty IT index CNXIT was down 1.5%, with all 10 stocks on the index trading in the red

** Analysts say dicretionary demand for India's IT service providers remains unchanged after bellwether U.S. tech company Accenture ACN reported fourth-quarter earnings

** Accenture's muted growth guidance poses downside risks to consensus expectations of acceleration in growth in FY27 for Indian IT firms, analysts at Jefferies said in a note

** Macquarie analysts say the common takeaway is that "demand recovery is patchy as of now"

** Heavyweights Infosys INFY1! and TCS TCS decline 1.4% each

** LTIMindtree LTIM was the top percentage loser, down 2.2%

** Goldman Sachs analysts say FY26 revenue growth expectations remain unchanged but FY27 rev growth estimate for Indian IT firms could be at risk if discretionary demand shows no signs of improvement this year

** NIFTYIT down ~21% so far in 2025 vs a ~5% rise in Nifty 50 index NIFTY