Fri, Sep 8, 2023 4:16 PM
Rupee closes higher against US dollar on RBI intervention
A Flip by Shubhangi Gupta
Billionaire investor Bill Gross has advised investors to steer clear of tech stocks despite Microsoft Corporation MSFT and Alphabet Inc.’s GOOG GOOGL “spectacular quarters.” What Happened: Gross, known as the “bond king,” has cautioned investors to be wary of the tech sector. Earlier this week, he took to X, formerly Twitter, and said, “Stick to value stocks, avoid tech for now.”
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Spot gold closed with a gain of 0.27% at $2338 Friday. However, the metal posted its first weekly decline in six on inflation concerns as the US inflation data remained elevated. The metal fell 2.20% on the weekly closing basis.The ten-year US yields at 4.67% were around 1% lower Friday; however, yields were up nearly 1% to finish the week higher, whereas the 2-year US yields at 4.99% were up.
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Amid high volatility, the headline index Nifty ended with 1.3% gains on the weak-on-weak basis. It was laden with top action where over three dozen companies from large, mid and smallcap segments witnessed prominent block deals worth Rs 12,045 crore on screen which included both buying and selling action. In the large cap segment, 15 companies witnessed significant block deals on the screen.
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