Nifty IT surged 11.72% over the week, its biggest weekly gain since April 2008, on strong Q2 earnings and a rotation into domestic large caps after a sell-off in global tech stocks. Tech Mahindra rose 18.22% to Rs 1,790, TCS gained 14.33% to Rs 2,465, and HCL Technologies advanced 13.42% to Rs 1,380. Analysts noted TCS's Q2 deal wins of $9.6 billion, excluding Porsche and Best Buy, and annualised AI revenue of $3.1 billion, over 10% of revenue. The article notes IT spending is shifting toward AI while traditional maintenance services face pricing pressure, and questions about AI-related debt have emerged as global rates rise and US Treasury yields stay above 5%. SBI Securities said Nifty IT has gained around 15.5% from its September 29 low of 28,232, with the 32,000–32,200 zone as immediate resistance.
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