Global research and brokerage firm CLSA expects subdued demand to affect earnings in the IT sector for the quarter July to September 2017. In a report, CLSA maintained a buy call on the shares of HCL Technologies, Infosys, TCS and Wipro. It has maintained a sell on Tech Mahindra.\u00a0 HCL Technologies shares were trading at Rs 914.10, up by more than 1.1% from the previous close. In an overall poor year for the IT sector so far, in terms of returns, HCL Technologies shares have returned a respectable 9%. The shares are up by more than 5% in the last one month. Infosys shares were trading at Rs 936, up by more than 1%. Shares of India\u2019s IT bellwether Infosys surged by more than 1.5% on Tuesday morning, after the company fixed November 1, 2017 as the record date for its share buyback programme. At a time when analysts are advising investors to tender the shares in the buyback (buyback share price is fixed at Rs 1,150), CLSA has a contrarian buy call on the shares. Infosys shares have corrected by more than 8.5% since January. Infosys\u2019 biggest rival TCS shares were trading flat at Rs 2,454.85. TCS shares have returned just 4% since January. The BSE IT Index is down by more than 0.2% since the beginning of the year, while the BSE Sensex has returned 19% in the year so far. While other three stocks of TCS, Infosys and HCL have been languishing, Wipro have have outperformed even the Sensex with returns of more than 20% in the year so far. Shares of Wipro Ltd were trading at Rs 286 this morning on NSE. According to CLSA, organic growth should be led by Infosys, while it will be dragged by Tech Mahindra. Accordingly, CLSA has a sell call on the shares of Tech Mahindra, which corrected by more than 5% in the year so far. Tech Mahindra shares were trading at Rs 463 on Tuesday morning, up by more than 0.3% since the previous close. Overall, the organic growth should be constant, while currency revenue growth will grow by 0.5- 2% for the entire sector, observed CLSA in the report.