Indian IT stocks have extended their rally, with the Nifty IT index gaining around 9% over the past five trading sessions as of October 14, 2026. Better-than-expected quarterly earnings, strong deal momentum and growing revenue from artificial intelligence services have supported investor sentiment. TCS, Infosys, HCLTech, Wipro and other major IT stocks have attracted buying interest, even as concerns about global demand and valuations remain. Meanwhile, the Q2 results season is bringing fresh developments across key sectors. BHEL reported a 120% year-on-year increase in net profit to ₹810 crore, while Canara Bank posted an 8% rise in net profit to ₹5,175 crore. Groww’s parent company, Billionbrains Garage Ventures, reported a 54% year-on-year increase in net profit to around ₹725 crore, although its profit and revenue were slightly lower compared with the previous quarter.

Will the IT rally continue, or could profit-booking emerge after the recent gains? What do the latest earnings reveal about business growth, margins and future prospects? We also examine the numbers investors should watch when evaluating BHEL, Canara Bank and Groww. In this IPS Finance Midweek Review, we break down the factors driving the IT stock rally, analyse the latest Q2 results and discuss the market trends, opportunities and risks investors should monitor.