Stock Market Today: Asia, US and Nifty slip; Adani and HDFC in the spotlight

Stock Market Today: On Monday, domestic indices may decline amid unfavourable external indicators. In the early morning trade, the Nifty futures on the Singapore Exchange (SGX) were trading 103 points, or 0.60%, lower at 17,058.50. The Nikkei 225 in Japan fell 0.66%, the Hang Seng in Hong Kong plunged 1.65%, the KOSPI in South Korea down 0.09%, and the Shanghai Composite index increased 0.33% during today's generally negative trading on Asian markets.

Adani Group stops work on Rs 34,900 crore petrochemicals project in Gujarat’s Mudra

After a critical analysis by US short-seller Hindenburg Research, the Adani Group has stopped development on a Rs 34,900 crore petrochemicals project at Mundra in order to concentrate on resources to consolidate operations and allay investor worries.

Adani Enterprises established Mundra Petrochem as a wholly owned subsidiary in 2021 with the intention of building a new coal-to-PVC facility on Adani Ports and Special Economic Zone land in the Kutch region.

Bitcoin rises 9.2% to USD 27,359

At 2207 GMT on Friday, Bitcoin rose 9.2 percent to $27,359, gaining $2,309 from its previous closing. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 65.9% from its January 1 low of $16,496. The price of Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $91.6 on Friday to reach $1,768.5.

Stock Market Today: US Market falls

Major indices fell more than 1% as the US market concluded Friday's session substantially in the red. The tech-heavy Nasdaq fell 0.74%, the S&P 500 fell 1.10%, and the Dow Jones Industrial Average fell 1.19%. The BSE Sensex increased 355.06 points or 0.62% to 57,989.90 on Friday, while the NSE Nifty 50 increased 114.45 points or 0.67% to 17,100.05. In terms of sectoral indexes, Bank Nifty increased by 465.50 points, or 1.19%, to reach 39,598.10; Nifty IT increased by 1.18%; Nifty Auto decreased by 0.48%; Nifty PSU Bank increased by 0.83%; and Nifty Metal soared by 2.23%.

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