Indian share benchmarks posted their best weekly performance in six months on Friday, powered by a rally in IT stocks after stronger-than-expected quarterly earnings and a selloff in global AI markets that prompted value-buying elsewhere.Investors now await results from several heavyweight companies, including major banks, and the IPO of Jio Platforms. The Nifty 50 rose 2.8% to 23,146 and sensex added 3.1% to 74,729, marking their strongest weekly showing since April 10. On the day, the indexes gained 0.7% and 0.6%, respectively. MSCI’s broadest index for Asia Pacific stocks outside Japan fell 5.8% this week.“The absence of any major negative surprises from IT earnings, coupled with management commentary pointing to growing AI-led revenue, has given investors confidence to return to these beaten-down names,” said Saurabh Jain, deputy VP of equities at SMC Global. “That rebound in IT has, in turn, lifted the benchmarks.”The IT index surged 3.9% on Friday, taking its weekly gain to 11.7%, its steepest such advance in 18 years.TCS, Infosys, HCLTech and Tech Mahindra climbed between 13.4% and 18.2%, placing them among the Nifty 50’s top weekly percentage gainers. Near-term direction will hinge on results from ICICI Bank and HDFC Bank, due on Saturday, Jain said, adding “the market, and IT shares in particular, could pause next week as the Jio Platforms IPO absorbs liquidity.”Meanwhile, the rupee strengthened by 10 paise to regain 94 levels closingat 94.96. It was buoyed by Reserve Bank of India’s policy measures aimed at boosting the currency.
