Top News Podcast: JPMorgan sees more downside in IT stocks, HDFC Bank hikes lending rate and more

Indian benchmarks Sensex and Nifty50 ended Tuesday’s choppy session over a percent lower as inflation fears gripped the street owing to a spike in crude oil prices and a firm dollar.

Meanwhile, JPMorgan sees further downside in the IT stocks as growth in earnings is likely to be impacted owing to multiple reasons including inflation. The brokerage’s analysts had last month downgraded the tech sector to ‘underweight’ citing soaring inflation, supply chain issues and the impact of the Ukraine-Russia war.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar will share the latest on stock markets, the Covid-19 pandemic, what’s on the agenda of the GST council meeting, and more.

Dr Chandrakant Lahariya, epidemiologist, public policy and health systems expert said COVID is not a reason to worry now because most of the population is vaccinated and therefore, it’s not a big cause of concern, especially unless there is a new variant reported from different settings.

Meanwhile, sources say the GST Council is likely to meet in the second half of June and discuss the possibility to cover virtual, digital and crypto assets under the GST.