Sat, Jul 6, 2024 1:13 PM
Oil settles 1% lower as Mideast ceasefire talks ease supply concerns
A Flip by Shubhangi Gupta
The gridlocked streets of India’s big cities are not blocked to everything. Goods range from a tub of ice cream or a handful of pomegranate seeds to a coffee pot or even an iPhone. Such two-wheeled delivery services have taken off over the past four years, often promising to bring items in ten minutes in cities where it can take that time to cross a busy street.
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The yellow metal price in the domestic market appreciated despite profit-booking in spot gold prices. MCX gold rate finished 0.60% higher last week at ₹76,190 per 10 gm, whereas the spot gold price descended 0.40% and closed at $2,653 per troy ounce. According to the commodity market experts, this could become possible due to weakness in the Indian National Rupee (INR) against the US dollar rate.
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Brokerage Investec said the risk reward for IT stocks is unfavourable after their recent run-up on expectations of a recovery in the sector. While October-December is the weakest quarter in the year due to a lower number of working days, furloughs and US elections, the firm said there are no catalysts to support stocks at current valuations. Investec downgraded Infosys and Wipro to sell.
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