The Nifty IT Index jumped to a record high as analysts expect Accenture Plc’s above-estimated first-quarter results, healthy deal pipeline and improving demand outlook to bode well for India’s technology companies.

The 10-stock gauge rose as much as 2.25% in Friday’s early trade to 23,408. Nine of the 10 stocks have gained, and Infosys Ltd., HCL Technologies Ltd., Tata Consultancy Services Ltd. and Wipro Ltd. are among the top five gainers on the Nifty 50 index.

Accenture—which follows September-August fiscal—has also raised its revenue growth guidance for FY21 to 4-6% from 2-5% earlier. The company reported a 4% year-on-year growth in revenue in U.S. dollar terms in the quarter ended November to $11.8 billion. That’s $200 million higher than its guided range.

Its operating income rose 7% to $1.89 billion, with operating margin of 16.1%, an expansion of 50 basis points. The company’s new bookings rose 25% over the year earlier to $12.9 billion in the reported quarter. The overall growth for Accenture was led by its health and public services, outsourcing and financial services segment.

Accenture, while announcing its fourth-quarter results, had indicated the disruption from the Covid-19 pandemic to last longer even as demand for digital services rises. It, however, expected to return to its pre-Covid-19 growth rates—single digits or low double digits—in the second half of fiscal 2021.

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