Asian stocks climbed Friday as the latest round of US economic data signaled momentum is slowing, boosting the case for the Federal Reserve to start cutting interest rates this year.Australian and Japanese shares rose, while equity futures in Hong Kong pointed to an early gain.US stocks slid on Thursday after the revised data showed the US economy grew less than previously expected in the first quarter.Here’s a table showing how US stocks performed on Thursday:

Source: EquitymasterAt present, the BSE Sensex is trading 510 points higher and NSE Nifty is trading 148 points lower.Adani Enterprises, M&M, and NTPC are among the top gainers today.Infosys, Cipla, and Bharti Airtel on the other hand are among the top losers today.Broader markets are trading on a negative note. The BSE Midcap index ended flat and the BSE Smallcap index is trading 0.3% higher.Sectoral indices are trading mixed, with stocks in the realty sector and the power sector witnessing buying. Meanwhile, the stocks in the IT sector and media sector witnessed selling pressure.The rupee is trading at Rs 83.28 against the US dollar.In commodity markets, gold prices are trading marginally lower at Rs 72,190 per 10 grams today.
 Bharat Dynamics Q4 ResultsDefense public sector company Bharat Dynamics on Thursday reported an 89% year-on-year (YoY) jump in net profit at Rs 2.9 billion (bn) for the March 2024 quarter.In the corresponding quarter of FY23, Bharat Dynamics posted a net profit of Rs 1.5 bn, the company said in a regulatory filing. Its revenue from operations increased 7% to Rs 8.5 bn against Rs 7.9 bn in the year-ago period.At the operating level, EBITDA zoomed 72.6% to Rs 3.2 bn in the fourth quarter of this fiscal over Rs 1.8 bn in the corresponding period in the previous fiscal.The EBITDA margin stood at 37.1% in the reporting quarter versus 23% in the fourth quarter of FY23. EBITDA is earnings before interest, tax, depreciation, and amortization.The board has recommended a final dividend of Rs 0.9 per share (face value of Rs 5 each) for the year ending March 2024. This dividend, if approved by the shareholders at the coming annual general meeting, will be paid within 30 days of the AGM.Bharat Dynamics is one of India’s manufacturers of ammunition and missile systems.The company was established in the year 1970 to be a manufacturing base for guided weapon systems.

MSCI Quarterly Rebalance
MSCI’s quarterly rejig will come into effect following the market close on 31 May, leading to potential inflows of around US$ 2 billion (bn) into the Indian equity markets.MSCI’s quarterly rebalancing will lead to 13 new stocks being added to the MSCI Global Standard Index, while three stocks will be excluded.Bosch, Canara Bank, Indus Towers, Jindal Stainless, JSW Energy, Mankind Pharma, NHPC, PB Fintech, Phoenix Mills, Solar Industries, Sundaram Finance, Thermax and Torrent Power are among the new stocks which will be added.As a result, the MSCI index will include up to 146 Indian counters, compared to 136 names earlier. India’s weight in the MSCI EM Index will rise to 18.8%.On the other hand, Thermax is seen sitting on the borderline to receive an inclusion in the MSCI index, Nuvama believes. If its inclusion goes through, the stock can see inflows worth US$ 139 m.Paytm, Indraprastha Gas, and Berger Paints are stocks that will be excluded. If it does happen, these stocks can see combined outflows of around US$ 283 m.The MSCI Smallcap Index will also see changes, as a result of which, it will include 497 listed entities from India.As for the MSCI Smallcap index, stocks such as Waaree Renewable, Vedant Fashions, Va Tech Wabag, RR Kabel, and Sanghvi Movers, among others are to receive an inclusion.On the flip side, Tatva Chintan Pharma, Borosil, Sharda Cropchem, and Dreamfolks Services are to be excluded.
 Beacon Trusteeship SME IPOBeacon Trusteeship’s initial public offering received an overwhelming response from investors as they bought 1.7 bn equity shares, which is 432.46 times higher than the offer size of 3.9 m shares on 30 May, the final day of bidding.Non-institutional investors topped the list, buying 781.5 times the allotted quota, while retail investors were at the second spot, picking 502.2 times the portion set aside for them. Qualified institutional buyers booked 163.5 times the reserved portion.Beacon is a debenture trustee offering trustee services in various segments such as Debenture Trustee, Security Trustee, Trustee to Alternate Investment Fund (AIF), Trustee to ESOP, Securitization Trustee, Bond Trusteeship, and Escrow Services.The company launched its Rs 325.2 m public issue on 28 May, with a price band of Rs 57-60 per share. The IPO was a mix of a fresh issue of 3.9 m equity shares worth Rs 232.3 m at the upper price band and an offer-for-sale of 1.5 m shares worth Rs 92.9 m.The Mumbai-based company, currently managed by a group of professionals, will finalize the basis of allotment of IPO shares by 31 May. Successful investors will receive equity shares in their demat accounts by 3 June.More By This Author:Sensex Today Ends at Record Highs, Rallies 1,197 Points; Nifty Nears 23,000 MarkSensex Today Trades Higher; Smallcap Stocks ShineSensex Today Ends 26 Points Higher; IT Stocks Shine