After opening the day on a positive note, Indian share markets shed most of the early gains and ended flat.

Benchmark indices held on to gains for the better part of the day but fell during closing hours and registered a flat close as selling in US index futures forced investors to book profits.

At the closing bell, the BSE Sensex stood at 61,761 level, down by 3 points.

Meanwhile, the NSE Nifty closed at 18,266.

Coal India and Axis Bank were among the top gainers today.

ITC and SBI on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,308, down by 42 points, at the time of writing.

Broader markets ended on a mixed note with the BSE Midcap index ending flat and the BSE SmallCap index ending 0.4% lower.

Sectoral indices ended on a mixed note with stocks in the telecom sector and energy sector witnessing buying.

On the other hand, stocks from the power sector and realty sector witnessed selling pressure.

Shares of Tata Motors and ITC hit their 52-week highs today.

Asian stock markets ended on a mixed note. The Nikkei rose 1.1%, while the Hang Seng ended 2.1% down. The Shanghai Composite ended 1.1% lower.

The rupee is trading at 82.04 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.5% at Rs 61,217 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.1% higher at Rs 77,167 per kg.

Speaking of stock markets, the Indian share markets have remained quite volatile in recent weeks.

Even a genius mathematician was once a victim of such market volatility. Instead of going with near-term trends and speculative bets on stocks like Infosys and HDFC Bank, it is important to study their long-term financials and valuations carefully.

Especially, if you are considering these stocks as your 10-year bets.
 

Adani Ports' early US$ 130 million debt repayment

In news from the ports sector, Adani Port and SEZ today announced early repayment of US$ 130 million (m) debt.

The company offered nearly US$ 413 m worth of debt for early payment.

The company had floated a tender of up to US$ 130 m of 3.3% dollar-denominated bonds last month, set to mature in 2024.

The early tender date for the offer, which expired on 8 May 2023, saw the company receiving bids up to US$ 412.7 m against the offer of US$ 130 m.

The company, last month, also started a buyback program of debt securities to partly prepay near-term debt maturities.

This move is aimed to boost investor confidence after the group's share plummeted following the release of Hindenburg Research's damning report.

Since its release on 24 January 2023, the Adani Group's seven listed stocks have lost about US$ 114 billion (bn) in market value.
 

Indiabulls Real Estate cracks 20% today; here's why...

Moving on to news from the real estate sector, the share price of Indiabulls Real Estate plunged 20% today.

The decline was seen after the company announced that the merger of Nam Estates Private Limited and Embassy One into the company had been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT).

It noted that the merger already stands sanctioned by the Bengaluru Bench of NCLT, which has jurisdiction over NAM Estates and Embassy One, on 22 April 2022.

However, NCLT, Chandigarh Bench, which has jurisdiction over the company, had earlier raised concerns based on the objections cited by the Income Tax department to the merger.

Following the development, shares of Indiabulls Real Estate fell 18.8%.

The company believes that the objections and concerns were unfounded and unjustified and do not impact the merger and had accordingly addressed the same before the NCLT.

The company will await the detailed order and will explore all options, including filing an appeal against the order of the NCLT, Chandigarh Bench, at the earliest.

Indiabulls Real Estate is engaged in the business of providing consultancy and advisory services to companies engaged in the construction and development of real estate projects.

So far in 2023, the shares of the company have plummeted by 33.4%.

Why Zomato shares tumbled 5% today

Moving on, shares of Zomato fell 5% today trade as investors weighed the impact of ONDC on the prospects of the food delivery services platform.

The ONDC, an initiative proposed by the Indian government, aims to establish an online repository of nutritional information for various food products and dishes available in the country.

This database would provide consumers with access to comprehensive information regarding the nutritional content of the food they consume.

However, investors are worried about the potential impact of the ONDC on Zomato's operations and business model. Zomato relies heavily on its wide-ranging network of restaurants and their diverse menu offerings.

The implementation could introduce regulatory challenges and requirements for Zomato to ensure compliance with the database's guidelines.

Furthermore, investors fear that the ONDC may disrupt the seamless user experience that Zomato currently provides.

If the integration of nutritional information becomes mandatory for every food item listed on the platform, it could lead to additional complexities and potential delays in the ordering process, thereby affecting customer satisfaction.

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