Market wrap: Nifty IT surges 11.5% for biggest weekly gain in nearly 18 years

Indian equity markets extended their winning streak for a second consecutive week, with the Sensex and Nifty recording their biggest weekly gains since the first week of April 2026, as information technology stocks led the rally. The Nifty IT surged 11.5% during the week, marking its biggest weekly gain in nearly 18 years.
Nearly 40 Nifty constituents delivered positive returns, with gains of up to 18%. Tech Mahindra, Tata Consultancy Services , Infosys, HCL Technologies and Bajaj Auto were among the top Nifty gainers for the week. In contrast, FMCG and pharmaceutical stocks remained under pressure, with the Nifty FMCG index falling nearly 1%.

Nestle India, Max Healthcare, IndiGo, Apollo Hospitals and Larsen & Toubro were among the top Nifty losers. In the midcap space,KPIT Technologies, Bandhan Bank, Mphasis and Prestige Estates were among the leading gainers. One MobiKwik Systems, Exide Industries, LIC Housing Finance, Multi Commodity Exchange of India and Bank of Maharashtra featured among the top losers.
IT stocks lead Friday's gainsThe benchmarks closed higher on Friday as well, extending their gains in a range-bound session. The Sensex rose 413 points to 74,729, while the Nifty gained 149 points to settle at 23,146, holding above the 23,100 mark. The Nifty IT advanced nearly 4%, rising for a fourth consecutive session.

Tech Mahindra recorded its biggest single-day gain since March 2020 following its second-quarter results and bonus issue announcement. TCS extended its rally, rising nearly 19% since announcing its Q2 results on October 8. Wipro gained nearly 6% after the company said deals deferred from the second quarter would move into the third quarter.
Federal Bank ended with modest gains following better-than-expected Q2 results, while Onward Technologies jumped 20% after reporting strong quarterly results. Broader markets lag, stock-specific moves continueBroader markets underperformed for a second straight session.

The midcap index fell 67 points to 59,130, while the Nifty Bank ended nearly flat, gaining 33 points to 55,844, ahead of key banking results. IndiGo was the top Nifty loser after the government told the Supreme Court that aviation air fare rules had been finalised.
Capital market stocks ended lower, with BSE falling more than 2% following the revised Common Account Statement framework. Jewellery stocks attracted buying interest, with Senco Gold and Sky Gold rising more than 5% each. Angel One, however, ended over 4% lower after operationally weak Q2 results.

Despite the weakness in some pockets, market breadth favoured advances, with the advance-decline ratio at 3:2.