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Indian stock markets traded lower on Wednesday, following the negative global market sentiments. Banking and IT stocks observed significant selling. Power Grid, Bajaj Auto, Dr Reddy’s, and Britannia experienced gains, while Adani Ports, ICICI Bank, Hindalco, HDFC, and Indusind Bank were among the top laggards in the Nifty50 pack. Global markets also traded lower due to the uncertainties surrounding the US debt ceiling crisis. Meanwhile, the Indian rupee was at Rs 82.80 against the US dollar.

Manappuram Finance and Rossari Biotech shares traded ex-dividend on May 24. Manappuram had earlier announced an interim dividend of Re 0.75 per equity share, resulting in a dividend yield of 2.70%. Meanwhile, Rossari Biotech has paid a meagre Rs 0.5 per share as equity dividend in the last 12 months, and at current CMP levels, this results in a dividend yield of 0.07%. In the March quarter, Manappuram Finance reported a 59% growth in its consolidated net profit at Rs 415 crore.

JPMorgan retained Ashok Leyland as overweight with a target price of Rs 175 as the company reported yet another quarter of margin beat, and the management commentary on future market share, demand, and discounting trends will be essential. Goldman Sachs stayed neutral with a target price of Rs 3370 on Dixon Technologies after seeing the company beat its Q4 2021 Street expectations. HSBC upgraded Godrej Consumer to buy, citing its robust structural growth and tenable valuation. Lastly, Nomura sustained a buy rating on Ashok Leyland with a target price of Rs 184 post-March quarter results.

Krithika Muthukrishnan, Chief Data Science Officer at Scripbox, suggests that AI can play an important role in fund selection based on an evidence-based, objective process. However, AI is not a replacement for human advisers who can provide a personalised touch and an unbiased approach to investment selection while assisting in goal planning, understanding risk and choosing an investment strategy.

A total of 3,571,163 shares changed hands on the counter till 10:15AM (IST).

Indian mining conglomerate Vedanta Group’s long-term financial health is under question as its billionaire owner, Anil Agarwal, seeks to reduce gross borrowings of $6.8bn at Vedanta Resources. While bonds due to be paid this month are close to 100 cents on the dollar, subsequent bonds are said to lack confidence, with prices around just 70 cents on the dollar for some. In addition, share prices for Vedanta companies have dropped this year, hitting fundraising efforts and increasing use of equity as collateral. Landmark dividend payments of $830m have been announced, but reduced cash reserves in subsidiaries disappoint.

The country’s largest insurer and a leading institutional investor in Adani Group saw the market value of its holdings increase by over Rs 6,200 crore since April to Rs 45,481 crore, thanks to the stellar rally in the stocks.

The stock traded at a P/E multiple of 53.15, while the price-to-book value ratio stood at 9.17.

Hindustan Unilever, incorporated in the year 1933, is a Large Cap company (having a market cap of Rs 616650.23 Crore) operating in FMCG sector.

On the technical charts, the RSI of the stock stood at 57.56.