Top stories | America votes, Indian markets rebound, SC's landmark ruling, and more
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With the US presidential election underway, Americans are casting their ballots, with high voter turnout in critical battleground states like Texas and Wisconsin. In Dixville Notch, New Hampshire, the symbolic first vote resulted in a 3-3 tie between Kamala Harris and Donald Trump, marking a competitive start. Back home, Indian markets saw a significant recovery, led by financials as the Nifty climbed above 24,200. Meanwhile, a landmark ruling from the Indian Supreme Court has curbed the government's power to nationalise private resources, a decision that redefines the balance between state control and private ownership.
Other key developments include OPEC's cautious production strategy, major earnings updates from Titan and Dr Reddy’s, Boeing's labour dispute resolution, and India's submission to host the 2036 Olympics. These stories offer insights into pivotal shifts across global politics, markets, and economic policies.
US Election 2024 Results Live Updates: Voting begins in 10 more states, including key battlegrounds Texas and Wisconsin
Voting for the 2024 US presidential election is in full swing, with over 78 million ballots already cast early. The day began symbolically in Dixville Notch, New Hampshire, where Democratic candidate Kamala Harris and Republican incumbent Donald Trump tied in a 3-3 split. As over 186 million Americans head to the polls, swing states remain crucial in a high-stakes race. Follow our live blog for the latest updates, early trends, and key results throughout Election Day.
Catch LIVE Updates on US Presidential Elections here
Explained: How US election outcome could affect global and Indian markets
With the 2024 US presidential election underway, global markets are on edge, awaiting the outcome of the fierce competition between Kamala Harris and Donald Trump. Each candidate’s distinct vision on trade, immigration, and economic policy could bring vastly different implications for global investors and industries.
From energy to technology, sectors worldwide are closely assessing how either administration’s policies might impact them, particularly in key emerging markets like India.
Stock Market: Indices stages smart recovery led by financials, Nifty regains 24,200
Indian stock markets witnessed a robust recovery today, buoyed by strong performances from financial heavyweights, with the Nifty index regaining the 24,200 mark. Financials and midcap stocks also saw a positive trend, with the Midcap Index gaining 331 points to reach 56,115. Metal stocks were particularly active, as global prices rose, with Tata Steel and JSW Steel leading the Nifty gainers.
Auto stocks also witnessed an upward momentum, with Bajaj Auto, TVS Motor, and Ashok Leyland emerging as top gainers on healthy volumes. Conversely, paint stocks struggled to participate in the market pullback, with Asian Paints and Berger Paints dipping 1-2%.
Check our LIVE market coverage here
Oil steadies with Middle East tensions and US election in focus
Oil steadied after jumping almost 3% on Monday on heightened tensions in the Middle East and OPEC+’s decision to delay restoring barrels to the market.
West Texas Intermediate traded near $72 a barrel after rising the most in more than three weeks in the previous session, while Brent closed above $75.
Supreme Court limits govt's power to nationalise private resources, overturns 1978 verdict
In a ruling that reshapes the scope of government power over private property, the Supreme Court of India overturned a 1978 verdict and held that all private resources cannot be nationalised and redistributed by the Centre. The nine-judge bench of the Supreme Court on Tuesday (November 5) limited the power of the Centre under Article 39(b) to assume ownership and control of private property for public good.
Healthcare major Dr Reddy's Q2 net profit falls, revenue gains momentum
Healthcare major Dr Reddy's Laboratories reported a 15% decline in its consolidated net profit, totalling ?1,255 crore for the second quarter of FY25, compared to ?1,480 crore in the same period last year.
However, revenue from operations surged 17% year-on-year, reaching ?8,016 crore. EBITDA rose by 5% to ?2,280 crore, with margins improving slightly to 28.4%.
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Titan Q2 Results | Net profit dives 25% to ?705 crore, revenue up 13%; misses estimates
Leading jewellery retailer and watchmaker Titan Company Ltd on Tuesday (November 5) reported a 25% year-on-year (YoY) decline in net profit at ?705 crore for the second quarter that ended on September 30, 2024.
In the corresponding quarter of the previous fiscal, Titan Company posted a net profit of ?940 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ?990 crore for the quarter under review.
53 days, 4 negotiation rounds, Q3 loss and layoffs later, Boeing workers end strike and accept new contract
Boeing’s factory workers on November 4 called off their strike that went on for nearly three months as they have decided to accept a new labour contract offered by the planemaker.
Operations at the US planemaker’s factories will be restored in the coming weeks as the union of nearly 33,000 workers voted to end a strike that’s led to a shutdown of jetliner production for more than seven weeks. Nearly 59% of union members voted in favour of the latest offer by the planemaker that includes a 38% wage increase over four years and enhanced retirement contributions.
IOA submits Letter of Intent to host 2036 Olympic Games in India
The Indian Olympic Association (IOA) has submitted a 'Letter of Intent' to express the country's desire to host the 2036 Olympic and Paralympic Games to the Future Host Commission of the International Olympic Committee (IOC). A source from the Union Ministry of Youth Affairs and Sports told PTI that the letter was submitted on October 1.
Russia launches Soyuz rocket with dozens of satellites, including two from Iran
Russia launched a Soyuz rocket early on Tuesday carrying two satellites designed to monitor the space weather around Earth and 53 small satellites, including two Iranian ones, Russia’s Roscosmos space agency said.
The Soyuz-2.1 launch spacecraft, which lifted off from Russia’s Vostochny Cosmodrome, carried two Ionosfera-M satellites, which will become part of the space system for monitoring the Earth’s ionosphere, the agency said.
US urges Israel to substantially increase humanitarian aid in Gaza
U.S. Secretary of State Antony Blinken spoke with Israeli Defense Minister Yoav Gallant on Monday and urged further actions to substantially increase humanitarian aid in Gaza, the State Department said in a statement.
WHY IS IT IMPORTANT?
Tech giants to spend $200 Bn on Artificial Intelligence this year
Microsoft, Alphabetlnc, amazon & Meta spent a cumulative $60 billion in AI Infrastructure in the last 3 months. Rachna Dhanrajani brings us an analysis of big tech's rising AI spend.
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2 周Kamala Harris