What a session! Continuing from where we left off after Tuesday's rebound, the market extended its rally on Wednesday, gaining over 1%, bolstered by positive global cues and significant developments in the US elections. BSE-listed companies gained nearly ₹8 lakh crore in market capitalisation in today's trade. All the sectoral indices closed in the green.
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Tata Steel outperformed expectations in its second-quarter results for FY24, reporting a net profit of ₹758 crore, sharply above the CNBC-TV18 poll estimate of ₹210 crore. This marks a strong comeback from a loss of ₹6,511 crore in the same quarter last year. Revenue stood at ₹53,904.7 crore, slightly exceeding the forecasted ₹53,425 crore but reflecting a 3.2% year-on-year.
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Commodities from oil and gas to metals and grains dropped on Wednesday as the dollar rallied and victory for Republican Donald Trump in the US presidential election stoked concerns about tariffs and economic growth. Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency, following a campaign of dark rhetoric.
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