ICICI-Direct has pointed out that the appreciation of the rupee has raised anxiety regarding Info Tech stocks. It points out that the demand environment outlook continues to be optimistic with both themes – recovery in the US and penetration in Europe – playing out. There are near team challenges from an appreciating rupee. Though the shares may under-perform relative to the market led by rupee appreciation concerns and sector rotation, we believe valuations at 14.8x one-year forward for tier-Is are reasonable relative to historical average (15.9x) and FY15-16E growth expectations. Weaknesses could be used to accumulate.