Gold started the holiday-shortened week on a positive note and is poised for the best weekly gain, amid a sharp fall in the greenback and the US benchmark treasury yields. Economic data released showed an uptick in consumer spending, along with an upward revision in GDP numbers, raising the odds of another hike in June and with the market pricing in a complete 25 bps hike for the July FOMC.
Open Flip
Foreign inflows into Indian stocks accelerated to a nine-month high in May as investors sought to capitalize on one of the fastest growth rates among major economies. Overseas investors purchased a net $5 billion of the nation’s shares last month, the most since August. Global funds snapped up the stocks for 24 consecutive days through May 31, the longest streak since August 2016.
Open Flip
IT employee union NITES has filed a complaint with the Ministry of Labour and Employment against HCLTech, after the IT services firm updated its Engagement Performance Bonus pay structure for FY24. HCLTech had recently reverted to its pre-Covid format of paying the EPB as per quarterly performance rating basis, which was being paid out 100 per cent during the pandemic and until now.
Open Flip
