Macquarie downgrades IT services sector

Macquarie Equities Research has downgraded IT services sector to "underweight" from "overweight" citing demand concerns as Infosys , which already has 30% of staff on the bench, delays joining dates for new hires.
Given the bearish outlook, Macquarie has cut ratings on India's top three software exporters Tata Consultancy Services , Infosys and Wipro to "underperform".
The brokerage has also removed TCS from its Top-10 list, replacing it with ICICI Bank .
Infosys is delaying taking on board some of its planned 28,000 new recruits until mid-2013, underlining the slowdown faced by India's No. 2 software services company, Indian media had reported last month.
Macquarie goes "overweight" on industrials from "neutral," reflecting its growing optimism about a pickup in infrastructure spending, cut in interest rates and possible appreciation of rupee.
Among other changes, the brokerage has added Bharat Heavy Electricals , Hindustan Petroleum Corp , Asian Paints