Top News On Oct 16: Gold Hits Fresh Record High, Q2 Results, Omar Abdullah Sworn-In As J&K CM, And More

(MENAFN- Live Mint) Gold hit a fresh record high of ₹78,900 per 10 grams on Wednesday while Sensex and Nifty 50 fell declined for a second consecutive session. Several leading companies - including L&T Tech Services and Bajaj Auto - declared record-setting second quarter results. A 17-year-old was taken into custody after bomb threats disrupted nearly a dozen Indian flights, including some heading for foreign destinations. The multi-pronged Middle East conflict continued to gain momentum this week with the Israeli Defence Force releasing footage from a 'Hezbollah tunnel' underneath Lebanon on Wednesday.

Investors lose nearly ₹1 lakh crore in a day
The Sensex and the Nifty 50 declined for a second consecutive session on Wednesday due to weak global cues and disappointing Q2 earnings. The Sensex fell 319 points, or 0.39%, to 81,501.36. The Nifty 50 settled at 24,971.30, down 86 points, or 0.34%.

Also Read | Sensex, Nifty 50 fall for second consecutive session; Infosys, M&M top drags

Gold hits fresh record high
Gold prices reached a new all-time high of ₹78,900 per 10 grams in the national capital on Wednesday - rising by ₹250 due to continued demand from jewellers. The precious metal had settled at ₹78,650 per 10 grams in the previous session on Tuesday.

Also Read | Gold hits fresh record high to ₹78,900 per 10 grams; What's driving the rally?

L&T Tech Services releases Q2 results
Larsen & Toubro Technology Services announced its July-September quarter results for fiscal 2024-25 (Q2FY25) on Wednesday. The company reported a rise of 1.3% with consolidated net profit at ₹319.6 crore.

Also Read | L&T Tech Services Q2 Results: Net profit rises 1.3% to ₹319.6 crore

Bajaj Auto releases Q2 results
Bajaj Auto announced its July-September quarter results for fiscal 2024-25 (Q2FY25) on Wednesday, October 16, reporting a rise of 9.2 per cent in standalone net profit at ₹2,005.04 crore, compared to ₹1,836.14 crore in the corresponding period last year. The two and three-wheeler major's said that adjusting for the exceptional deferred tax provision, the net profit was at a new record at ₹2,216 crore, up 21 per cent year-on-year (YoY).

Also Read | Bajaj Auto Q2 Results: Net profit up 9.2%, revenue tops ₹13k cr for first time

Omar Abdullah set to take oath as CM
National Conference leader Omar Abdullah took oath as the Chief Minister of Jammu and Kashmir on Wednesday. The event was attended by key members of the INDIA bloc. The senior politician stressed the need to restore statehood following the abrogation of Article 370 and pledged to listen to citizens' concerns ahead of the ceremony.

Also Read | Omar Abdullah takes oath as Chief Minister of J&K; Surinder Choudhary as Deputy

Israel-Hezbollah war
The Israeli Defence Forces released footage of a '100-metre' long tunnel located close to its border with Lebanon on Wednesday. IDF said the route 'embedded' underneath a civilian house was used by Hezbollah members. The IDF said the tunnel was "nothing like" the one built by Hamas in Gaza.

Also Read | Israel-Hezbollah war: IDF shares video of '100-metre' tunnel in Lebanon | Watch

Bomb threats to airlines
A 17-year-old boy was held on Wednesday in connection with the bomb threats issued to airlines in the past three days. The minor allegedly sent bomb threats to four flights using a fake social media account. He had reportedly planned to take revenge on his friend over money dispute.

Also Read | Minor taken into custody over bomb threats to airlines

(With inputs from agencies)

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