TCS lifted Dalal Street out of its eight-week rut on Friday as the Nifty 50 closed 1.30 per cent higher at 22,520.45. Strong quarterly results from TCS triggered a buying spree, while lower crude oil prices helped sentiment. Ajit Mishra said, "treat the current rebound as a relief rally."
Equities staged their sharpest single-session recovery in weeks on Friday, snapping an eight-week losing streak as Tata Consultancy Services’ blockbuster quarterly numbers triggered a broad-based buying spree and calmer geopolitical waters brought crude oil off the boil.
The Nifty 50 closed 1.30 per cent higher at 22,520.45, adding 288 points, while the BSE Sensex advanced 1.23 per cent to 72,472.33, a gain of 879.09 points. Bank Nifty outperformed, rising 1.36 per cent to 55,256.65. On the week, the Nifty ended 0.44 per cent higher and the Sensex added 562 points, the first positive weekly close after eight consecutive weeks of decline.
“...treat the current rebound as a relief rally until the index demonstrates sustained strength above key resistance levels...,” said Ajit Mishra, SVP, Research at Religare Broking, capturing the mood of a market caught between relief and residual anxiety.
TCS shares surged around 5 per cent after the company reported 15 per cent profit growth for the September quarter alongside strong AI-related revenue and healthy deal wins, sending the Nifty IT index up more than 3 per cent. Investors also brushed aside near-term jitters over the US suspension of major technology companies from the PERM employment-based green-card programme after clarifications confirmed that existing H-1B employment was unaffected.
Geopolitics did the rest. President Trump’s confirmation that the US would hold back from military action against Iran ahead of the November midterm elections pulled Brent crude from levels above $104 a barrel, easing inflation concerns that had hammered sentiment a session earlier. Moderating global bond yields also helped. IT, FMCG, banking, auto and consumer durables all closed in the green; only Nifty Oil & Gas bucked the trend, ending marginally lower. Apollo Hospitals, ITC and Eicher Motors led the Nifty gainers, while BSE, Reliance Industries and JSW Steel lagged. The Nifty Midcap 100 rose 1.56 per cent and the Nifty Smallcap 100 gained 0.54 per cent, with market breadth improving to an advances-declines ratio of 1.35.
The rupee also joined the recovery, gaining 5 paise to close at 96.71 against the dollar, snapping three sessions of weakness. Dilip Parmar of HDFC Securities noted the currency benefited as “...crude oil prices eased and risk appetite surged across global markets...,” with likely central bank intervention providing an additional cushion. He places near-term USDINR resistance at 97 and support at 95.30.
For the week, FMCG and PSU Bank outperformed with gains of 2.45 per cent and 2.38 per cent, respectively, while Realty and Metal were the biggest laggards, both falling more than 3.5 per cent. The Nifty’s weekly candle printed a Doji, a classic indecision signal, after the index briefly pierced the April 2026 low of 22,182.55 before recovering.
Looking ahead, the 22,600–22,800 band is the key resistance zone for the Nifty next week; a sustained close above it could extend the move toward 23,000, while a slip below 22,300–22,400 would put the bears back in the driver’s seat. Foreign fund outflows, sticky crude and tight global monetary conditions remain the tripwires to watch.