In the last three months, BSE IT index has underperformed SENSEX. Sensex has seen a gain of 8.1% vs. a 1.1% gain in case of BSE IT index. The IT sector continues to see headwinds from concerns over slower growth and upcoming elections in the US. In addition there has been negative news flow for stocks like Infosys (INFO). Q3FY20 has been another quarter of currency volatility cross-currency movement (positive for reported US$ revenue growth) and INR depreciation (positive on EBIT margin). Further, we forecast the divergence as regards revenue growth to continue in Q3. We forecast Tech Mahindra (TECHM) to outperform amongst large-caps with...