IT’s time to celebrate when chips are down; Nifty IT soars 11.7% to log biggest weekly rally since 2008
Indian IT stocks staged their biggest weekly rally in 18 years, dating back to the days preceding the collapse of Lehman Brothers, as a secular and precipitous fall in AI-related semiconductor stocks elsewhere in Asia boosted battered legacy outsourcing powerhouses with proven revenue streams and decent operating margins. Better-than-expected September quarter earnings mirroring Accenture’s stellar…