Earnings-driven IT bounce powers Indian shares to best week in six months

Business Recorder reported that Indian benchmark indexes recorded their strongest week in six months on Friday, lifted by a sharp recovery in IT shares. The Nifty 50 climbed 2.8% to 23,146.15, while the Sensex rose 3.1% to 74,729.27. Both benchmarks marked their best weekly gain since April 10, and the IT index jumped 3.9% on the day alone.

The rebound followed results that beat expectations and a selloff in global AI stocks that drew bargain hunters into other markets. SMC Global's Saurabh Jain said the lack of significant disappointments from IT earnings, together with management talk about rising AI-driven revenue, encouraged investors to return to the battered names. TCS, Infosys, HCLTech and Tech Mahindra each gained between 13.4% and 18.2% over the week, ranking as some of the Nifty 50's biggest gainers.

Investors now focus on results from ICICI Bank and HDFC Bank due Saturday, along with the record $3.2 billion Jio Platforms IPO that opens on October 21. The rupee strengthened about 2% to its strongest week in seven months after central bank measures aimed at curbing dollar demand. Analysts, however, flagged elevated crude prices, with Brent near $106 a barrel, and concern that stubborn global inflation could keep policy restrictive for an extended period.