TCS (TCS.NS) leapt 10% on Thursday, sending the Nifty IT index higher 12% over the week and adding $13.3 billion to the combined market cap of the top 10 Indian IT companies—$30 billion in total.
The gain followed a 4% rise on Friday that closed the index at 31,924, its highest level in eight months, and mirrored a broader $7 billion lift for Infosys and a $5.3 billion bump for HCL Technologies.
Trump’s executive order on Oct 16 waived the proposed 100% duty on Russian‑origin crude, eliminating an immediate tariff threat for India, a major buyer of Russian oil. The waiver, however, does not lift existing US sanctions or tariffs on other goods.
While the IT sector’s rebound lifted the Sensex and Nifty to their best weekly performance since early April, the Nifty FMCG index fell nearly 1% and the midcap index slipped 67 points, ending at 59,130. Bank Nifty closed marginally higher at 55,844.
Crude prices remain a looming risk: Brent crossed $110 a barrel on Friday for the first time since May, settling at $109.86, while WTI closed above $101, marking a 10% weekly gain. Analysts highlight that any further spike could erode the IT‑driven rally.
Investors will now focus on the next quarterly earnings of the IT giants, the trajectory of global energy prices, and whether the US waiver will hold amid evolving geopolitical tensions.