For the Indian IT sector, the momentum and bullishness appears to have shifted - away from the large IT majors and towards the midcap and smaller players. With the exception of TCS and Wipro, IT FII/FPI investments as of the previous quarter increased in the smaller companies - Hexaware Technologies, Sasken Communications, Ramco Systems and others.

These firms, focused on a few select verticals, have gained FII interest over the behemoths. According to HDFCSec analysts, midcap IT valuations (12x FY19E) are at a 10% discount to large cap valuations (13.5x FY19E).See the full screener of shareholding increases among FIIs here.