Asian shares edged higher on Wednesday as anxious investors dared to hope AI-diva Nvidia could meet sky-high expectations while keeping a wary eye on the outlook for US and UK interest rates.MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.4 percent, having already climbed for four straight weeks to reach a two-year top.US stocks were mixed on Tuesday on the Federal Reserve’s monetary policy caution.Here’s a table showing how US stocks performed on Monday:

Source: EquitymasterAt present, the BSE Sensex is trading 63 points lower and NSE Nifty is trading 34 points lower.Coal India, HUL, and ITC are among the top gainers today.Hindalco, Sun Pharma, and BPCL the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Midcap index and the BSE Smallcap index are trading 0.6% lower.Sectoral indices are trading mixed, with stocks in the power sector, realty sector, and FMCG sector witnessing buying. Meanwhile, the stocks in the power sector, banking sector, and healthcare sector witnessed selling pressure.The rupee is trading at Rs 83.26 against the US dollar.In commodity markets, gold prices are trading 0.3% lower at Rs 73,767 per 10 grams today.
 India Hits US$ 5 Trillion MarkIndia’s market capitalization hit the US$ 5 trillion milestone on Tuesday, with the buoyant domestic markets adding US$1 trillion in market value in under six months.This makes India the fifth country/region to join the exclusive US$ 5-trillion m cap club, alongside the US, China, Japan and Hong Kong.India’s mcap has seen a surge of over 60%- the highest among major markets –  from its lows in March 2023, driven by a rally in shares of small- and mid-sized firms. This increase in market value is attributed to a re-rating of valuations amid improved economic and earnings growth prospects compared to most global and emerging market peers.India’s market cap-to-GDP ratio is now at 154% compared to 120% in November 2023, when it first hit the US$ 4 tn mark.When India achieved the milestones of US$ 500 million, US$ 1 tn, and US$ 2 tn market capitalization, the mcap-to-GDP ratio was less than 100%, which is considered fair value.The market cap of India has been bolstered in recent years by mega newly listed companies. For example, the Life Insurance Corporation, which was listed two years ago, has a market cap of US$ 78 bn.In addition to LIC, the market value of the entire public sector undertaking (PSU) pack has seen a significant increase over the past year. India now boasts 100 stocks with an m-cap above US$ 10 bn, up from just 30 in the pre-Covid period. For comparison, China, whose m-cap is nearly double that of India, has just over 130 companies.
 Adani Ports’ Global Expansion PlanThe Adani Group is gearing up with a US$ 3-bn investment to bolster its port operations with an eye on the corridor that connects India to Europe.The Gautam Adani-led conglomerate plans to increase its overall port handling capacity from around 600 million tonnes per annum to 800 million tonnes in the next two years. The expansion would primarily be achieved through a series of international acquisitions.The Gautam Adani-led conglomerate plans to increase its overall port handling capacity from around 600 million tonnes per annum to 800 million tonnes in the next two years. The expansion would primarily be achieved through a series of international acquisitions.The group manages its ports business under Adani Ports and Special Economic Zone Ltd (APSEZ). The US$ 3-bn capital expenditure is expected to be funded through a combination of cash reserves, internal accruals and debt.The objective of the expansion is to increase the contribution of international ports to APSEZ’s revenue from 10% to approximately 20-25% within the next three years.The group operates port facilities in Israel, Sri Lanka, Indonesia, Tanzania, and Australia.

Apollo Tyre’s stake sell
As many as 22.5 m shares, representing 3.5% of the total equity of Apollo Tyres changed hands during a pre-market block window.The transaction value and the price at which the shares changed hands are yet to be ascertained.According to the offer book, White Iris Investment Ptd Ltd, a subsidiary of the global private equity firm Warburg Pincus, was expected to offload its entire stake of 3.5%.Warburg Pincus, through its subsidiaries, holds a substantial 13.5% stake in Apollo Tyres. Its arm, White Iris holds 3.5%, while another subsidiary, Emerald Sage Investment Ltd, holds 9.9%.With the block deal, White Iris is expected to completely divest its entire stake in the company.The block deal’s offer size is expected to be around Rs 10.4 bn, with a floor price set at Rs 463 per share.More By This Author:Sensex Today Ends 53 Points Lower; Metal Index Soars 4%
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