Tech Mahindra, India's fifth-largest IT company by market capitalization, experienced a remarkable surge of over 12% in today's intraday trading, reaching Rs 1347 per share. This upsurge indicates the market's optimistic reaction and highlights the confidence in the company's ambitious future plans. The surge comes despite the company's modest financial results released.
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Stocks of public sector undertakings (PSU) have had a phenomenal run in the last one year as well as in 2024 YTD (year-to-date) with the Nifty PSE index outperforming the benchmark Nifty in both these time frames. All constituents of the Nifty PSE index were also positive in these time frames.In the last one year, the Nifty PSE index gave multibagger returns, surging over 112 percent.
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Gold was on track for a weekly loss as persistent inflationary forces looked increasingly likely to push back the timing for US rate cuts. The precious metal dipped on Friday and was down 2.7% for the week, after a closely watched measure of underlying US inflation advanced at a faster-than-expected clip. Higher rates and yields are typically negative for gold, as it doesn’t pay interest.
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