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257: Top News Podcast: Macquarie turns positive on IT sector, Hardik Patel joins BJP, Punjab govt to restore security of over 420 VVIPs and more
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Macquarie turned bullish on the IT sector on Thursday and named HCL Tech, TCS, and Infosys as its top picks.
The Nifty IT has fallen close to 25 percent since the start of the year and multiple downgrades. However, the latest Macquarie report says that the worries over demand are overdone and that the S&P 500 revenue and technology spending correlation with IT services is not going to hold as IT spending is expected to be far more resilient.
In this edition of the Top News Podcast, CNBCTV18.com’s Kanishka Sarkar will share the latest on the stock market, politics, economy, pandemic, real estate, and more.
Hardik Patel has joined the Bharatiya Janata Party months ahead of the Gujarat Assembly elections due in December this year. He said he was starting a new chapter with feelings of national interest, state interest, public interest and social interest.
Meanwhile, Congress president Sonia Gandhi has tested positive for the coronavirus disease. Randeep Surjewala said Sonia Gandhi had met leaders and activists over last week, some of whom were found COVID-19 positive.
This comes just a few days ahead of her questioning before the Enforcement Directorate (ED) in the National Herald case.
Sonia and Congress leader Rahul Gandhi were asked to join probe in the National Herald case under criminal sections of the Prevention of Money Laundering Act (PMLA). Rahul, who was to be questioned today, wrote to ED on June 1 seeking more time to appear before it.
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Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.