After suffering its biggest weekly loss in 25 years, the Indian stock market caught its breath as frontline indices rebounded to close the week higher, with Friday’s session accounting for the bulk of the gains.
The Nifty 50 closed Friday’s session 1.30% higher, recovering much of the previous day’s losses. The rally also marked the index’s biggest single-day gain since August, helping it post a weekly gain of 0.44%.
Similarly, the Sensex ended the week 0.78% higher. The rally was largely supported by strong gains in financial stocks as investors cheered the companies’ strong quarterly business updates.
In addition, IT stocks lent much-needed support to the market, as TCS’ September-quarter results boosted sentiment across the sector. Investors largely brushed aside the US government’s decision to suspend some IT firms from the Permanent Labor Certification programme (PERM), instead focusing on TCS’ quarterly performance.
The move is part of a broader effort by Washington to curb pathways to permanent residency for certain foreign workers.