News Wrap: Between October 29 and November 1, Indian markets fluctuated, with Nifty and Sensex both closing in the red. Adani Ports reported a significant profit increase, while Ola Electric shares plummeted. In Uttarakhand, over 19 men tested HIV positive after contact with a minor. Prime Minister Modi honoured Sardar Patel, and Telangana banned raw egg mayonnaise after a food poisoning incident. Internationally, Trump claimed the title of 'father of IVF,' and Iran warned of retaliation against Israel. Canada's Parliament Hill also faced a contention with Indian community over Diwali celebrations.
The market capitalisation of nine of the top ten most valued firms in India dropped by ₹2.09 lakh crore amid persistent selling and lacklustre quarterly earnings. In the US, Vice President Kamala Harris regained a slight lead over Donald Trump, indicating a closely contested 2024 election. Additionally, over 50 flights received bomb threats, prompting heightened security measures, while ISRO announced new timelines for major space missions, including Chandrayaan-4. READ HERE
On October 28, Indian benchmark indices rebounded, with the Nifty 50 closing up 0.65% at 24,339, while the S&P BSE Sensex gained 0.6% to finish at 80,005. NTPC Green Energy received SEBI approval for a ₹10,000 crore IPO, and Tata Technologies reported a 2% drop in Q2 net profit to ₹157 crore, despite a 2% revenue increase. In contrast, Suzlon Energy saw a significant 96% rise in Q2 net profits to ₹200.20 crore, while Sun Pharma and LIC Housing Finance reported year-on-year profit increases of 28% and 11.25%, respectively. Additionally, the Nifty FMCG index faced its worst monthly drop in six years, down 9.6%, and the central government plans to conduct the next Census in 2025. READ HERE
On October 29, Indian indices rebounded, buoyed by strong performances from Reliance Industries and HDFC Bank. Adani Ports reported a 37% rise in Q2 net profit to ₹2,412.54 crore, while Ola Electric shares plunged 52.5% below their issue price. Maruti Suzuki faced a 17% drop in net profit amid declining sales. Swiggy informed they will open IPO on November 6, and the Election Commission rejected Congress's irregularity claims in Haryana as baseless. Additionally, Hezbollah appointed Sheikh Naim Kassem as its new leader, and the Nifty IT index surged 36% since last Diwali, outperforming the broader market. READ HERE
On October 30, Indian markets closed in the red, with Nifty 50 dipping 0.51% and Sensex falling 0.53%. Infrastructure giant L&T reported a 5% rise in Q2 profit to ₹3,395 crore, while Dabur saw a 17.5% drop in net profit to ₹425 crore. Deepak Fertilisers shares approached a one-year high, and the Indian and Chinese armies completed disengagement in Ladakh’s Depsang and Demchok. Meanwhile, Kamala Harris urged undecided voters to move past Trump's turbulent presidency during her campaign speech. READ HERE
In Uttarakhand, over 19 young men tested HIV positive after engaging with a 17-year-old girl allegedly addicted to heroin. Prime Minister Modi honoured Sardar Patel on his birth anniversary at the Unity Day Parade in Gujarat. Following a food poisoning incident that killed one in Hyderabad, Telangana has banned raw egg mayonnaise. Indian and Chinese troops exchanged sweets in Ladakh during Diwali after completing a disengagement process, while an explosion involving 'onion bombs' ahead of the celebrations killed one and injured others. READ HERE
Prominent economist Bibek Debroy and ace fashion designer Rohit Bal passed away. Indian Army began patrolling the Demsok region along the LAC. Pakistan International Airlines received only one bid from Blue World City for its stake sale, falling short of the government's minimum offer. Donald Trump claimed the title of 'father of IVF' at a rally, drawing criticism from the Harris campaign. Iran threatened retaliation against Israeli strikes, while US payroll data revealed the slowest hiring since 2020. Chevron is considering layoffs as part of a $3 billion cost-cutting plan. Additionally, a Diwali celebration at Parliament Hill will go ahead despite reports of a cancellation. READ HERE
