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Today, such exposures are not reported by banks, no risk weight is assigned to the credit, the facilities are not rated, and in a predominant number of cases no interest is charged by banks on these intra-day overdrafts.

The Nifty rose 215.15 points, or 1.01%, to close at 21,453. The Sensex rose 689 points, or 0.98%, to end at 71,060.

Tata Steel Ltd on Wednesday posted consolidated net profit of Rs 513 crore as against a loss of Rs 2224 crore a year ago. Revenue from operations declined 3% year-on-year to Rs 55,312 crore.

Hindalco Industries, Tata Steel, JSW Steel, Jindal Steel and Power, Steel Authority of India, National Aluminium Co, NMDC Steel, Hindustan Copper, NMDC, and Vedanta ended 2-7% higher. The benchmark Nifty 50 closed 1% higher.

Data overnight showed U.S. business activity picked up in January and inflation appeared to abate, with a measure of prices charged by companies for their products falling to the lowest level in more than 3-1/2 years.

Equity indices rebounded 1% on Wednesday, with the 30-share BSE Sensex surging 689 points to settle at 71,060 and the broader Nifty closing 215 points at 21,453. Stocks that were in focus included SBI Life, which rose 2.68%, Karnataka Bank, which fell 7.8%, and Tata Elxsi, whose shares declined 5.01%.

On the last trading day of this week, 84 companies listed on the BSE will announce their December quarter earnings. Among the Nifty companies, SBI Life Insurance Company and JSW Steel will report their Q3 earnings. Street will also keeping a close track on the earnings of ACC, Adani Power, AU Small Finance Bank, Cyient, Equitas Small Finance Bank, Hindustan Petroleum Corporation (HPCL), Indian Energy Exchange.

The revenue from operations of Birlasoft grew by about 10% to Rs 1,342.5 crore in the December 2023 quarter from Rs 1,221.89 crore in the December 2022 quarter. The headcount of the company slightly increased to 12,356 during the December 2023 quarter from 12,322 in the previous quarter, with the attrition rate falling to 12.6 per cent during the reported quarter.

The steelmaker’s consolidated net profit stood at Rs 522 crore in Oct-Dec as against a loss both in the year-ago period and a quarter ago. Consolidated sales for the quarter were down 3% on year at Rs 55,312 crore. Tata Steel’s consolidated earnings before interest, tax, depreciation and amortization jumped more than 50% on year to 6,334 crore rupees even as deliveries remained flat. The operating profit was higher on a sequential basis as well.