IT's time to celebrate when chips are down; Nifty IT soars 11.7% to log biggest weekly rally since 2008

What happened: Nifty IT rose 11.7% for its biggest weekly rally since 2008, driven by better-than-expected September quarter earnings, steady deal flows and inexpensive valuations after a prolonged correction. Key numbers: Nifty IT up 11.7% for the week. Why it matters: The content cites better-than-expected results, particularly from HCLTech, improving deal prospects and value buying after a prolonged correction. Legacy tech stocks are increasingly seen as a hedge against the AI trade, and analysts describe the sector as being reset as companies adapt services and business models to AI.

Nifty IT rose 11.7% for its biggest weekly rally since 2008, driven by better-than-expected September quarter earnings, steady deal flows and inexpensive valuations after a prolonged correction.

The content cites better-than-expected results, particularly from HCLTech, improving deal prospects and value buying after a prolonged correction. Legacy tech stocks are increasingly seen as a hedge against the AI trade, and analysts describe the sector as being reset as companies adapt services and business models to AI.