Nifty IT Posts Its Biggest Weekly Gain in 18 Years Before Infosys Reports
Nifty IT rose 11.72% in the week to 16 October after results from four of five large IT companies, while Infosys is scheduled to report on 23 October.
The Nifty IT index rose 11.72% in the week to 16 October 2026, its biggest weekly gain in 18 years. The gain added nearly ₹3 lakh crore to the market value of the index's top 10 IT companies.
The rally came during the September-quarter reporting season. Four of the five large IT companies named in coverage of the rally had published results by 16 October. Infosys, the second-largest IT stock in the Nifty 50 by weight, is due to report on 23 October. The rally came before Infosys had reported its own September quarter.
The Week's Gain in Numbers
According to Smart Investing, the Nifty 50 stood at 23,146.2 on 16 October 2026. Six of the 10 constituents of the Nifty IT index ended the week with gains of over 10%, according to TradingView.
In the five sessions to 14 October, Upstox reported the index up around 9%. Its one-week returns to that date were HCL Technologies 12.8%, TCS 11%, Infosys 9.6%, Wipro 7.6% and Tech Mahindra 4.4%. Those figures stop two days before the week's close, so they cover only part of the move.
The ₹3 lakh crore figure is a change in combined market value.
TCS and HCLTech: Growth in Rupees and Dollars
TCS reported on 8 October, according to Kalkine. Its consolidated revenue was ₹73,188 crore, up 11.2% in rupee terms, and its net profit rose about 15% to ₹13,884 crore, according to Angel One.
In dollar terms, TCS's revenue was ,642 million, up 2.4%, or 2.8% in constant currency, Kalkine reports. Constant-currency growth removes the effect of exchange-rate movements.
TCS also reported .6 billion of total contract value (TCV), the lifetime value of new deals signed, according to Kalkine. AI revenue was above 10% of total revenue, and annualised AI revenue was .1 billion, Goodreturns reports.
Net income was ,450 million, a 19.0% net margin, according to Kalkine. Goodreturns said the results were broadly in line with street estimates.
HCLTech reported on 12 October. Its revenue was ₹35,620 crore, up 11.5% in rupees and 2.6% in constant currency, according to Kalkine. Sequential growth in rupees was 3.0%, according to Kalkine.
Net income rose 21.2% to ₹5,132 crore. The EBIT margin, a measure of operating profit, was 18.2%, according to Kalkine. For FY27, HCLTech guided to constant-currency growth of 2.5% to 4.0%.
Tech Mahindra and Wipro: Uneven Profit and Deal Figures
Tech Mahindra's revenue was ₹16,180 crore, up 15.6%, and its net profit rose 32.7% to ₹1,586 crore, according to Angel One. The company launched an Indus Terra model in collaboration with Nvidia and AWS, the same report says.
It declared an interim dividend of ₹15 a share and announced a 1:1 bonus issue, according to Angel One.
Wipro's gross revenue was ₹24,752.7 crore, up 9.1%. Its consolidated net profit fell 1.4% to ₹3,200.6 crore, and its deal bookings were .6 billion, down from .7 billion a year earlier, according to Angel One.
Wipro is also acquiring 20% of FLARRE.AI as part of reinforcing its AI capabilities. Among the four companies that had reported by 16 October, Wipro was the only one with a fall in net profit. Tech Mahindra's 32.7% profit growth was the highest of the four.
Why Investors Moved Back Into IT Before Infosys Reported
The rally was under way the day after TCS reported. A report timed at 1:22 pm IST on 9 October put Nifty IT up nearly 4% intraday, with TCS up more than 6%, HCLTech up 3.65% and Infosys up over 3.4%.
Infosys is due to report on 23 October, so its September-quarter figures were not part of the week's results.
TradingView attributes the rotation to a weakening global AI trade. It also says stronger-than-expected performances from major companies eased some concerns over slowing demand and the potential impact of AI.
Upstox points to capital moving out of crude-oil-sensitive sectors and into high-growth sectors such as tech. It also cites healthy earnings, deal wins, AI revenue momentum, and a Tata Elxsi earnings beat that supported broader IT sentiment.
Upstox also reports that Infosys's AI services accounted for over 8% of its revenue in the second quarter and is growing at a double-digit rate sequentially. Its chief executive estimates AI revenues will drive almost half of the company's work in the next two to three years.
The rally came before Infosys had reported its own September quarter.
How Much IT Weighs on the Nifty 50
At the 16 October close, IT made up 10.38% of the Nifty 50, according to Smart Investing's index data. TCS carried a weight of 4.84%, Infosys 2.56%, HCLTech 2.03% and Tech Mahindra 0.95%.
The three largest IT weights add up to about 9.4% of the index. Smart Investing bases the weights on current market cap, and these figures are as on 16 October.
What Investors and Fund Holders Can Check
The growth rates for the same quarter differ by currency. TCS's revenue rose 11.2% in rupees and 2.4% in dollars, and HCLTech's rose 11.5% in rupees and 2.6% in constant currency. Kalkine calls constant-currency growth the closest common yardstick.
Infosys is due to report on 23 October. TCS's ₹12 dividend is payable on 30 October and HCLTech's ₹12 on 26 October, according to Kalkine. Tech Mahindra's ₹15 dividend comes with a 1:1 bonus issue, according to Angel One.
TCS's record date was 14 October and HCLTech's was 16 October, according to Kalkine. Readers should confirm Tech Mahindra's record date and bonus ratio in the company's exchange filing.
Fund holders can compare a fund's IT holdings with the sector's 10.38% weight in the Nifty 50.
According to Upstox, Infosys shares rose 9.6% in the week to 14 October, before the company had reported.
