India’s Calmest Earnings Season as Traders Look Past TCS

Indian markets are experiencing their calmest earnings season on record as traders look beyond Tata Consultancy Services’ disappointing results. Options data reveals the lowest-ever implied volatility for Nifty 50 companies at the start of an earnings period, with traders positioning for just 2.3% average earnings-day moves – the most subdued reading since Bloomberg began tracking this data in 2016. This remarkable market calm suggests investors are taking a broader, more measured view of corporate performance rather than reacting sharply to individual company disappointments.

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TCS Makes Steepest-Ever Job Cuts Amid AI Shift

Tata Consultancy Services Ltd., India’s largest private-sector employer, has executed its most severe workforce reduction in history, eliminating 19,755 positions during the quarter ending September 30, 2025. The unprecedented cuts stem from deteriorating US-India relations and the rapid industry-wide transition toward artificial intelligence implementation, signaling a fundamental transformation within India’s massive $280 billion IT services sector that has long been a cornerstone of the country’s economic growth and employment landscape.

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