After India's second largest IT firm Infosys announced upbeat results two days ago, all eyes are now on Wipro which it set to declare its earnings on Thursday. 

Wipro -- the country's third largest IT company -- is expected to meet its revenue guidance for the first quarter of the current fiscal year. The company had projected that its revenue would grow by 0.8% in rupee terms and dollar revenue would rise by 0.7% sequentially.

Share prices of Wipro almost traded flat at Rs 585 on the Bombay Stock Exchange (BSE) ahead of the first quarter earnings today.

Analysts expect Wipro stock to witness selling pressure, if the company's earning and guidance fall below the expectations. Investors may be tempted to buy Infosys stock in that case.

Infosys recorded a sequential revenue growth of 4.5% during the June quarter in dollar terms, which was its highest level in the past 15 quarters.

Wipro is estimated to post a revenue of Rs 11,331 crore in the April-June quarter compared to Rs 11,242 crore in the previous quarter, according to CNBC-TV18 poll.

Wipro's dollar revenue growth is projected to rise to $1,787.5 million from $1774.5 million.

The poll expects the company to give a revenue guidance of 1.5-3.5% for the second quarter of fiscal year 2015-16.

Analysts expect Wipro's profit margin to drop in the June quarter, as a result of wage hikes announced by the company.

Wipro had raised salaries of its employees by about 7% for offshore employees effective from 1 June. The hike was about 2% for onsite employees. 

The third largest software services company had 1,58,217 employees at the end of March, 2015.

Markets will mainly focus on Wipro's revenues from two challenging verticals – telecom and energy. The two verticals account for 20% of overall revenue of the company.