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The true value of virtual digital assets (VDAs) lies in their fundamental role in the functioning of public blockchains, as they create incentives for nodes and other network participants to engage with the blockchain. Factors that determine the underlying value of VDAs include their core characteristics, demand, supply, network effects, and utility. Scarcity, fungibility, durability, portability, security, decentralization, and programmability are essential features that determine the value of a VDA. Additionally, the more developed the use cases and network effects of a particular blockchain, the more valuable its native token will be, prompting participants to bolster the robustness and value proposition of the blockchain.

Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), plunged 56% YoY to Rs 488 crore in Q4, and operating margin shrunk a whopping 1886 basis points to 24.99%.

Gold is set for its biggest weekly loss since February 2023 due to the progress made on the resolution of the US debt ceiling crisis. US House Speaker Kevin McCarthy has said that negotiators on the federal debt limit may reach an agreement in principle as soon as this weekend. The easing of concerns over a potential debt default has boosted the dollar index and treasury yields, further weighing down gold prices. However, the recent hawkish comments from US Federal Reserve officials do not mean a rate hike during the June meeting and the majority of Fed officials are taking a "wait and watch" approach.

The Adani Group has seen its stock prices fall this week as two of its subsidiaries, Adani Transmission Ltd. and Adani Total Gas Ltd., were dropped from the MSCI India gauge. This move is likely to trigger around $390 million of selling by passive funds, Brian Freitas, an independent equities analyst who publishes on Smartkarma, predicted earlier. Adani Enterprises Ltd., the flagship of the group, is also set for a weekly loss of almost 4%.

Founder and CEO of MarketsMojo, Dr. Mohit Batra, advises investors to not evaluate their investments on a year-to-year basis and instead use a time frame of 3 to 5 years. Batra believes that the Indian equity market will provide returns in the teens in 2023, with a Nifty target of 20,100. As for the crisis in Go First, Batra anticipates that the pent-up demand in the aviation sector will begin to cool off in the next three to six months. Batra suggests that investors should allocate 10 to 15% of their net worth in gold and silver.

Air compressor manufacturer, ELGi Equipments Ltd has posted a profit after tax of Rs 80.63 crore, up 32.9% YoY, for Q1 2023. Total income of the company rose to Rs 476.8 crore for Q1 2023 from Rs 466.3 crore in Q1 2022. For the fiscal year ending March 31, 2023, its profit after tax surged by 43.9% to Rs 272.48 crore from Rs 189.35 crore YoY. The board has also recommended a dividend of Rs 2 per share for 2022-23, pending shareholder approval. ELGi remains cautiously optimistic to achieve its FY24 revenue targets.

Investors are showing greater confidence in the market, causing them to slow down inflows into cash funds, according to a BofA report. A total of $25.1bn went into cash in the past week, but only $151bn has gone into money market funds in the past four weeks compared to $404bn after the collapse of Silicon Valley Bank. The report also showed U.S. Treasuries clocking up 14 weeks of inflows. Investors preferred investment grade bonds to high yield bonds and invested $1.1bn into tech stocks but pulled $700 million from financial funds.

Several smallcap stocks in India have offered double-digit weekly returns amidst weak global cues. Repro India has offered the highest returns at nearly 45%, followed by Aurionpro Solution and Shakti Pumps. The midcap segment has not witnessed any stock rising in double digits, but Ramco Cements led the segment with 9.66% gains. Despite the lack of decisive direction, the Indian domestic market closed positively. Investors would continue to look for global cues to understand market direction and earnings growth. The market is expected to resume its upward journey, supported by positive global cues.

In the financial year 2023, the top 10 Indian companies earned a total profit of Rs 3,56,652 crore, according to Ace Equity Data. Meanwhile, Reliance Industries remained the highest profit-earning firm with Rs 74,131 crore in FY23.

Shares of SBI rose as much as 2.1% before giving up most of their early gains in a choppy trade. The stock eventually closed at ₹575.65 apiece on the NSE, up 0.25% from the previous close.