Maintain constructive stance on the sector, despite increased uncertainty. Upgrade Mindtree to ADD (REDUCE earlier), Downgrade Persistent Systems to Reduce (ADD earlier). Maintain BUY reco on INFY, HCLT and TechM and ADD reco on LTI, Mphasis, LTTS and Hexaware. IT sector is expected to post 4Q revenue growth in the range of -3% to +2.9% QoQ with IT sector (coverage universe) aggregate growth at +0.3/5.6% QoQ/YoY, at its slowest sequential pace in 13 qtrs. The impact of economic dislocation accentuating in March has led to major supply-side transition for the sector impacting billings. The demand-side factors and the second-order impact (disruptions in clients) will lead to a bigger dent in the ensuing quarter (-12 to 0% QoQ in 1Q est). We expect 4Q margins to be flattish (-12bps QoQ) with the impact of utilisations and negative cross-currency mitigated by INR depreciation.