IT stocks to buy: Deven Choksey sees 15-20% upside in IT stocks post correction; TCS, Infy in focus

Tata Consultancy reported movement of 20% and -20%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -0.2% on the day at ₹2,077.00, and has returned +2.1% over three months. It sits 38% below its 52-week high, which means a good deal of bad news was already in the price. The it sector has moved +1.1% over the same period, so Tata Consultancy is running 1.0 points ahead of its peers.

For Tata Consultancy, the question is how much of this is already reflected in the price and how much re-rates the it peer set alongside it.