CLSA’s downgrade of TCS and HCL Tech led to a selling spree in IT stocks. TCS shares fell 2% due to weak growth outlook and downside risk to FY25 estimates. Smaller IT counters were also affected.
ITC shares gained 2% despite an 18.5% year-on-year decline in Q2 net profit, as higher taxes and falling cigarette earnings weighed on profitability. However, its
Silver’s sharp rally has reversed amid expectations of higher US interest rates, rising bond yields and a stronger dollar. HSBC expects limited upside as weaker
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