Key monitorables: (1) Outlook and commentary of CY19 client IT budgets and evolving US/UK macros, (2) Performance of digital business, (3) Deal trends and outlook of key verticals (BFSI, Retail, CPG), (4) Large account metrics, large deal wins and supply indicators (attrition, sub-contracting), (5) Legacy erosion and rebid pricing pressure and (6) Possible acceleration of non-linear trends like AI, automation. Tier-1 IT is expected to post the strongest 3Q sequential growth (USD terms) since FY14 on (1) Improved deal trajectory and (2) Revival of core verticals and geographies. Revenue growth for IT sector (coverage universe) is expected at 1.7/8.3% QoQ/YoY (3.9/20.4% QoQ/YoY in INR terms). Tier-1 is expected to grow 1.7/7.6% QoQ/YoY led by HCL Tech and Tier-2 is estimated to grow at 2.1/13.1% QoQ/YoY. Among Tier-2, L&T; Infotech and L&T; Tech are expected to lead the growth.