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BUZZ-Indian IT sector hits record high on strong outlook from HCL Technologies

(Updates)

** India’s IT services subindex on the NSE rises as much as 3.4% to hit a record high of 19,257 points, after strong Q2 outlook from HCL Technologies lifts sentiment across the sector

** IT stocks top boost to broader market, which was up 0.72% by 0520 GMT

** Shares of HCL Technologies jump as much as 7.6%, Infosys gains 3.1%, Tata Consultancy Services rises 2.77% and Tech Mahindra advances 3%

** HCLT hits a record high of 776.65 rupees in session, top pct gainer on Nifty 50 index

** Co says it expects revenue, operating margin for September quarter to be meaningfully better than top end of guidance given in July

** HCL expects Q2 revenue growth of more than 3.5% Q-O-Q in constant currency

** After the initial slowdown in orders, the order book outlook has become very strong for most IT companies, Elara Capital analyst Harendra Kumar says

** Indian IT services firms depend heavily on revenue from corporate clients in Europe and North America for their revenue (Reporting by Derek Francis in Bengaluru)

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