New Delhi, Dec. 22 -- The Nifty IT index has risen around 10% over the past two months, driven by rupee depreciation and expectations of a recovery in discretionary technology demand. The December quarter (Q3FY26) is almost over, and collectively, the first three quarters of FY26 have shown no clear signs of easing in the earnings downgrades cycle of Indian IT services providers.

Revenue visibility for Q4 remains bleak amid prevailing client caution and global macro-economic uncertainty. Plus, the latest cue-global technology giant Accenture's quarter ending November (or Q1FY26) results-is hardly encouraging.

Accenture competes with tier-1 IT companies in the managed services (outsourcing) business, so it is often seen as an indicator o...