New Delhi, Oct. 13 -- HCL Technologies' stock rose 7% on Tuesday after select broking firms upgraded their earnings estimates, factoring in the positives in the September quarter (Q2FY27) results. Still, some factors cannot be overlooked amid macroeconomic uncertainty.

Sequential constant currency (CC) revenue grew 2.3%-below consensus estimate of 2.7%. Larger peer Tata Consultancy Services (TCS) clocked sequential CC revenue growth of 0.5% in Q2; Infosys' results are not out yet.

The drag for HCL came from software business-down 5.8% CC sequentially, while services grew 3%. The quarter had a lower number of multi-year licences due for renewals vis-a-vis last year, which weighed on the software business, the management said, adding that...