Sensex Today Hits Record High; Nifty Above 23,400

Asian stocks tracked US peers higher as the Federal Reserve's cautious outlook on interest rates did little to alter Wall Street's bets on cuts. Equity benchmarks rose in Australia and South Korea, while futures for Hong Kong stocks pointed to markets opening higher on Thursday.

The US stock market ended mixed on Wednesday, with the S&P 500 and Nasdaq posting record closing highs for a third straight day, after the Federal Reserve policy outcome and softer-than-expected inflation data.

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 179.56 1.37 0.77% 182.08 177.78 182.08 115.83
Apple 213.07 5.92 2.86% 220.2 206.9 220.2 164.08
Meta 508.84 1.37 0.27% 514.01 504.47 531.49 268.32
Tesla 177.29 6.63 3.88% 180.55 169.8 299.29 138.8
Netflix 650.06 1.51 0.23% 655.78 643.11 664.25 344.73
Amazon 186.89 -0.34 -0.18% 188.35 185.43 191.7 118.35
Microsoft 441.06 8.38 1.94% 443.4 433.25 443.4 309.45
Dow Jones 38712.21 -35.21 -0.09% 39120.26 38621.45 40077.4 32327.2
Nasdaq 19465.18 254.99 1.33% 19556.9 19347.28 19556.9 14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 308 points higher and NSE Nifty is trading 95 points higher.

Wipro, HDFC Life, and Shriram Finance are among the top gainers today.

HUL, Coal India, and Britannia, on 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 is trading 0.4% higher.

Sectoral indices are trading positive, with stocks in the metal sector, realty sector, and IT sector witnessing buying.

The rupee is trading at Rs 83.55 against the US dollar.

In commodity markets, gold prices are trading 0.7% lower at Rs 71,460 per 10 grams today.

Nestle India to Pay Royalty Fee

FMCG major Nestle India will pay royalties to its parent company, Societe des Produits Nestle S.A, at the current rate of 4.5%.

The current rate of 4.5%, net of taxes, of the net sales of the products sold by the company as per the terms and conditions of the existing General Licence Agreements with the Licensor.

Approval of members shall be sought by the company every five years in compliance with the applicable laws and regulations.

Last month, shareholders of the company turned down its proposal to raise the royalty payout to its Swiss parent from 4.5% to 5.2% net of taxes over five years.

As many as 57% of the company's shareholders had rejected the proposal, the company had informed the exchanges.

Meanwhile, the company's board also approved the appointment of Sidharth Kumar Birla, as an additional director and independent non-executive director.

His appointment will be effective from 12 June 2024 for five consecutive years.

Additionally, the board has rescheduled the date of the company's annual general meeting to 8 July, to determine the payment of the final dividend, which, if declared, will be paid on 6 August 2024.

Nestle India is the 100-year-old, second-largest FMCG company in India. It dominates the noodle (Maggi) and the hot beverage (Nescafe) categories.

After more than a century-old association with the country, Nestle India today has a presence across India with 8 manufacturing facilities and 4 branch offices.

Nestle Share Price Performance in 2024

Torrent Pharma Receives Observations

Torrent Pharmaceuticals on Wednesday said the US health regulator has issued a Form 483 with five observations after inspecting its Gujarat-based manufacturing plant.

The US Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) and a GMP inspection at the company's manufacturing facility in Indrad, Gujarat, from 3 June to 12 June.

At the end of the inspection, the company was issued a Form 483 with five observations.

There is no observation related to data integrity reported.

The company said it will respond to the USFDA within the prescribed time frame and will work in close collaboration with the agency to address the observations at the earliest possible time.

As per the USFDA, a Form 483 is issued to a firm's management after an inspection when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Whirpool Partners HUL

Appliance as washing machine maker Whirlpool of India and Hindustan Unilever Ltd (HUL) on Wednesday announced a new marketing alliance for Surf Excel, the laundry brand of the leading FMCG maker.

As per the alliance, both brands will have joint marketing initiatives.

The integration of innovative technologies from both brands will help in delivering superior fabric care, improving the daily laundry process, and resulting in an enhanced customer experience.

Its partnership is an opportunity to leverage its combined strengths, the coming together of superior mechanical action, thermal action and chemical action to deliver expertise in the removal of stubborn stains.

Its goal is to provide convenience and innovation to households across India, making laundry routines easier and more effective.

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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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