Top News: Sensex-Nifty 50’s smart turnaround, Q2 results today and more

In today’s Top News, we have an update on Sensex and Nifty, Adani Ports Q2 results, Ola Electric shares, Election Commission’s response to the Congress and details of the new Hezbollah chief amid the ongoing Middle-East conflict.
The Indian front-line indices staged a significant rebound during the second half of the trading session on Tuesday, October 29, recovering from an initial downturn that saw them tumble sharply in the first half of the day. This recovery was primarily driven by strong performances from heavyweights such as Reliance Industries, HDFC Bank ICICI Bank and State Bank of India, enabling the markets to remain in positive territory for the second consecutive day. Read more here
Adani Ports and Special Economic Zone posted strong earnings for the quarter ended September 2024 (Q2FY25). Its net profit jumped 37 percent to ₹2,412.54 crore in the quarter under review as against ₹1,761.63 crore in the year-ago period. Meanwhile, its total income rose to ₹7,372.37 crore, up 6 percent from ₹6,951.86 crore in Q2FY24. Read more here
Shares of Ola Electric Mobility dropped nearly 4 per cent in intraday trading on Tuesday, October 29, sinking to a new low of ₹74.82 and dipping below its issue price of ₹76 for the first time since listing. The stock, which debuted on the bourses on August 9, 2024, had a muted listing despite favourable market conditions. Ola Electric shares listed on a flat note at ₹75.99 on the BSE and ₹76 on the NSE. Read more here
Maruti Suzuki India, the largest passenger car manufacturer in India, on Tuesday reported a 17% year-on-year (YoY) fall in its net profit for the second quarter of FY25. The company’s revenue remained flat amid a decline in domestic sales volumes and slowdown in demand. The automobile major’s operating performance for the quarter ended September 2024 also weakened, with its margin witnessing contraction. Read more here
The Indian online food ordering and delivery platform, Swiggy, will launch its initial public offering next week. The IPO will open for subscription on Wednesday, November 6 and conclude on Friday, November 8. The allocation for anchor investors is set to occur on Tuesday, November 5. The price band of the issue will be set tomorrow (Wednesday, October 30). Read more here
The Election Commission of India (ECI) rejected the Congress’ allegations about any irregularities in Haryana elections as baseless and devoid of facts. The Bharatiya Janata Party (BJP) defeated the Congress for historic third time in the Haryana elections held earlier this year. Read more here
Lebanon’s Hezbollah militant group on Tuesday said it has appointed Sheikh Naim Kassem as its new leader to replace slain leader Hassan Nasrallah. Hezbollah’s decision-making Shura Council elected Kassem, who had been Nasrallah’s deputy leader for over three decades, as the new secretary-general, the group said in a statement. The militant group vowed to continue with Nasrallah’s policies “until victory is achieved”. Read more here
Over the past year, the Indian IT sector has shown impressive resilience. Despite worries about a demand slowdown and high interest rates in major markets, the Nifty IT index has surged 36 per cent since last Diwali, outpacing the Nifty 50’s 25 per cent rise and proving that tech stocks are still a step ahead in the race. Read more here