The Indian market experienced a day of contrasting fortunes on Wednesday, with gold reaching a new peak while the Sensex and Nifty 50 indices continued their downward trend for the second consecutive session.
Gold Soars to New High
Gold prices in India climbed to an unprecedented ₹ 78,900 per 10 grams, driven by steady demand from jewelers. This marked a ₹ 250 increase from the previous day’s closing price of ₹ 78,650.
Sensex and Nifty 50 Decline
The benchmark Sensex index fell by 319 points, or 0.39%, closing at 81,501.36. The Nifty 50 also dipped by 86 points, or 0.34%, settling at 24,971.30. The decline was attributed to weak global cues and underwhelming Q2 earnings reports.
Strong Q2 Results for Leading Companies
Despite the market downturn, several major companies announced robust second-quarter results. L&T Tech Services reported a 1.3% increase in consolidated net profit, reaching ₹ 319.6 crore. Bajaj Auto, meanwhile, registered a 9.2% surge in standalone net profit, hitting ₹ 2,005.04 crore. Adjusting for exceptional deferred tax provision, Bajaj Auto’s net profit reached a new record at ₹ 2,216 crore, reflecting a 21% year-on-year growth.
Political Developments in Jammu and Kashmir
Omar Abdullah, leader of the National Conference, was sworn in as the Chief Minister of Jammu and Kashmir on Wednesday. The ceremony was attended by key members of the INDIA bloc. Abdullah emphasized the need to restore statehood after the abrogation of Article 370 and pledged to prioritize listening to the concerns of the people.
Escalating Israel-Hezbollah Conflict
The ongoing conflict between Israel and Hezbollah took another turn on Wednesday. The Israeli Defence Forces released footage of a 100-meter-long tunnel located near the border with Lebanon, which they claim was used by Hezbollah members. The tunnel, according to the IDF, was built underneath a civilian house and is unlike the ones constructed by Hamas in Gaza.
Teenager Arrested for Bomb Threats
A 17-year-old boy was apprehended on Wednesday for issuing bomb threats to several airlines over the past three days. The minor allegedly used a fake social media account to threaten four flights, claiming he was motivated by a money dispute with a friend. The threats caused significant disruptions to flights, including some headed to international destinations.
In conclusion, Wednesday’s Indian market witnessed a blend of positive and negative developments. The gold price soared to new heights, while the Sensex and Nifty indices dipped amidst weak global signals. The Q2 earnings season showed promising results from leading companies, and political developments unfolded in Jammu and Kashmir. Meanwhile, the ongoing Israel-Hezbollah conflict continues to unfold, and authorities apprehended a teenager responsible for bomb threats on multiple flights.