According to Sudip Bandyopadhyay of Inditrade Capital, the outsourcing and contracting industry is under pressure, but some large IT companies have started winning big orders from different geographies, indicating the beginning of a recovery phase in their earnings. He believes that the recent block deals and IPO subscriptions are not a cause for concern, but rather a sign of liquidity in the market. Bandyopadhyay also discusses HDFC Bank and its potential to outperform its private sector peers in the coming months, as well as the outlook for the IT sector, stating that the worst may be over and a recovery phase is beginning.