Wipro (WIT +1.9%) and Cognizant (CTSH +1.7%) trade higher after Infosys (INFY +8.1%) beats FQ1 estimates and reaffirms FY14 revenue guidance amidst fears of a cut. A plunging rupee helped lower the outsourcing giant's prices, and CEO S.D. Shibulal claims a U.S. immigration bill that proposes to curtail the ability of visa holders at companies with large numbers of them to visit domestic client locations "has not had any impact on the deal pipeline." Gross margin was 35%, -10 bps Q/Q and -460 bps Y/Y, thanks in large part to a 24% Y/Y increase in staff costs. Consulting/software implementation, boosted by Lodestone, was a strong point. The results stand in contrast to Accenture's (ACN +0.5%) recent revenue miss and guidance cut.