Nifty Above 24,800; M&M, Maruti Suzuki Top Gainers
Asian markets are mixed on Thursday after the US Fed kept interest rates unchanged. Ongoing tensions between Israel and Iran are also worrying investors, affecting market sentiment.
US stocks were mixed on Wednesday as investors were cautious due to potential US involvement in Israel-Iran tensions. The Federal Reserve kept interest rates unchanged, but officials had differing views on future rate decisions.
Here's a table showing how US stocks performed on Wednesday:
| Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
| Alphabet | 173.98 | -3.25 | -0.02 | 177.82 | 172.84 | 208.70 | 142.66 |
| Apple | 196.58 | 0.94 | 0.00 | 197.57 | 195.07 | 260.09 | 169.21 |
| Meta | 695.77 | -1.46 | 0.00 | 701.59 | 694.90 | 740.89 | 442.65 |
| Tesla | 322.05 | 5.77 | 0.02 | 329.32 | 315.45 | 488.54 | 179.67 |
| Netflix | 1222.29 | 1.62 | 0.00 | 1242.00 | 1220.50 | 1262.81 | 588.43 |
| Amazon | 212.52 | -2.30 | -0.01 | 217.96 | 212.34 | 242.52 | 151.61 |
| Microsoft | 480.24 | 2.20 | 0.00 | 481.00 | 474.46 | 481.00 | 344.79 |
| Dow Jones | 42171.66 | -44.14 | 0.00 | 42510.07 | 42118.23 | 45073.63 | 36611.78 |
| Nasdaq | 21719.69 | 0.61 | 0.00 | 21863.00 | 21660.52 | 22222.61 | 16542.20 |
Source: Equitymaster
At present, the BSE Sensex is trading 23 points higher, and the NSE Nifty is trading 32 points higher.
IndusInd Bank, M&M, and Maruti Suzuki are among the top gainers today.
Kotak Mahindra, NTPC, and Power Grid, on the other hand, are among the top losers today.
The BSE Midcap index is trading 0.1% higher, and the BSE Smallcap index is trading 0.4% higher.
Sectoral indices are trading mixed today, with stocks in the power sector and the realty sector witnessing buying. While stocks in the metal sector and the oil & gas sector are witnessing selling pressure.
The rupee is trading at Rs 86.5 against the US dollar.
Abbott to Sell MSD's Diabetes Drugs
Abbott and MSD Pharmaceuticals (Merck & Co Inc in the US) agreed on a strategic distribution agreement to increase access to MSD Pharmaceuticals' oral antidiabetic drugs, such as sitagliptin and its combination therapies, in India.
Abbott has partnered with MSD Pharma to market their diabetes products including Januvia, Janumet and Janumet XR, in India. Despite the patent expiring in 2022, which led to generic competition and price drops, these brands remain market leader in the DPP-4 inhibitor segment.
Since its 2008 launch in India, sitagliptin has been crucial in the treatment of type 2 diabetes by reducing HbA1c levels while improving blood sugar control. MSD maintained a solid position in this category's value segment despite growing competition from generics.
About Rs 40 billion (bn) of India's Rs 125 billion oral anti-diabetes market is made up of DPP-4 inhibitors. Sitagliptin holds over 60% of the global market share for DPP-4 inhibitors, confirming the medication's status as an effective treatment option.
In India, the disease impacts more than 101 million people, and another 136 million are at risk. Access to effective treatments is a public health priority since non-communicable diseases, such as diabetes, account for nearly 60% of all deaths in the nation.
Jio Financial Buys SBI's Jio Payment Stake
Jio Financial Services, a part of Reliance Group, has bought over 0.7 bn shares of Jio Payments Bank from State Bank of India (SBI).
Jio Financial Services is buying 0.7 bn shares of Jio Payments Bank from SBI for Rs 1.5 bn.
After this deal, Jio Payments Bank will be fully owned by Jio Financial Services. Earlier, Jio Financial Services already held 82.2% state in the bank.
Jio Financial Services was incorporated in 1999 and is a non-banking financial company (NBFC) registered with RBI. It operates through its subsidiary like Jio Finance, Jio Insurance Broking, and Jio Payment Solutions, and a joint venture, Jio Payments Bank.
Vodafone Idea Launches Satellite Mobile Services
Vodafone Idea has partnered with AST Space Mobile to provide satellite based mobile internet in India's remote areas, enhancing its network coverage.
Both the companies will work together on a satellite system that lets regular smartphones connect directly to satellites. ATS SpaceMobile will handle the satellite part, while Vi will manage the ground network and market access.
Vodafone Idea's CMO said they are excited to bring seamless connectivity to every Indian Through satellite technology, complementing existing networks.
Vodafone Idea and AST SapceMobile are partnering to bring satellite-based internet to India. AST SpaceMobile's tech has already tested successfully, making the world's first space-to-phone voice and video call.
Chief Commercial Officer says India is a great place to showcase this technology.
Both the companies will also work together to create solutions for consumers, enterprise and loT, targeting industries where regular connectivity is a challenge.
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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...
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