{
  "id": 15122018,
  "title": "IT's time to celebrate when chips are down; Nifty IT soars 11.7% to log biggest weekly rally since 2008",
  "url": "https://urgent.news/2026/10/17/its-time-to-celebrate-when-chips-are-down-nifty-it-soars-11-7-to-log",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-17T04:16:40.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/stocks/news/its-time-to-celebrate-when-chips-are-down-nifty-it-soars-11-7-to-log-biggest-weekly-rally-since-2008/articleshow/135007166.cms"
  },
  "original_language": "en",
  "account": "Indian IT stocks have experienced their largest weekly rally in 18 years, following a significant decline in AI-related semiconductor stocks across Asia. This rally is attributed to the better-than-expected September quarter earnings, robust future guidance, steady deal flows, and inexpensive valuations. The Nifty IT index surged 11.7% during the week, marking its biggest gain since April 2008, despite semiconductor-heavy Asian markets experiencing a sharp decline due to concerns over the profitability of AI investments. Indian IT services sector is showing signs of stabilization after two years of cost-cutting and subdued growth, with quarter-on-quarter growth averaging 2-2.5% and year-on-year revenue rising 11-15%. Notable companies in the sector include HCLTech, which added 6,450 employees, and Tech Mahindra, which surged by 18% during the week.",
  "summary": "The Indian IT sector experienced an impressive surge, achieving its highest weekly increase in 18 years, driven by unexpectedly strong quarterly results from companies like HCLTech. The Nifty IT index jumped 11.7%, amidst falling semiconductor stock prices in Asia. Furthermore, the rupee showed notable strength, closing below the 95-mark for the first time in 38 days, reflecting the effective…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}