Latest Stock Market News

The shares of some Adani Group companies fell by 1-4% in anticipation of the Supreme Court hearing on the Adani-Hindenburg row later in the day. The apex court will hear the case in which a six-member panel set up by the court to investigate reports submitted their findings on allegations of corporate misgovernance and insider trading violations.

Vedanta CEO Sunil Duggal says the company has delivered the highest-ever free cash flow (pre-capex) of Rs 28,068 crore, enabling them to reinvest for business growth.

Cryptocurrencies, including Bitcoin and Ethereum, experienced a decline in trading on Friday. Falling 5% to $26,163 and below $1,750 respectively. The global cryptocurrency market cap dropped 3.75%, and Polygon experienced a decrease of over 4%, while other top cryptocurrencies also showed reductions. The decline in prices could be attributed to factors including increasing network congestion, rising transaction fees, or an incorrectly tagged US Government wallet dumping a large position in a significant sell order. Longer-term holders remained resilient despite short-term holders being negatively impacted.

Off late, Indian startups have seen major cuts in valuations’

The stock traded at a P/E multiple of 78.07, while the price-to-book value ratio stood at 7.87.

Shares of specialty chemical company Pidilite Industries have broken out above the 50-SMA on weekly charts and could reach INR2,600 ($35) in price, according to analysts. While the stock is already near overbought levels and profit-taking is possible, the relative strength index is at 69.5 and MACD is bullish. The momentum saw the company break the 50-SMA for the first time since January, around which time it was consolidating around INR2,200. Pidilite Industries stocks are under a "structural bullish trend," and could be accumulated in a range of INR2,472 to INR2,450 with a stop loss of INR2,400, according to the experts.

Depending on how the quarter really pans out, we will look at how these movements have to be made. And therefore, we are still pegging the whole PBDIT in the 18 to 20 range.

MSCI Inc has announced changes to its Global Smallcap index, where 14 Indian stocks will enter while nine will exit the index on May 31. The changes will include Anupam Rasayan, KFin Technologies and NMDC Steel. The inclusion of Hindustan Aeronautics and Sona BLW Precision Wiring to the MSCI India Domestic index is set to result in net passive inflows of around $31m while exclusion of the stocks of Adani Group and Indus Towers is likely to result in a net outflow of about $471m, according to Nuvama Alternative and Quantitative Research.

A total of 669,239 shares changed hands on the counter till 02:16PM (IST)

Inflation has hit multi-decade highs globally due to the coronavirus pandemic. Central banks have tried to fix the problem by raising interest rates, but growth has been affected significantly as a result. The headline CPI has fallen this year due to a decline in food and energy prices, but the outlook remains uncertain as oil and gas prices are expected to stabilise.