Asian share markets advanced today following a rally overnight in US shares on signs of cooling inflation. This encouraged risk appetite ahead of the Federal Reserve's meeting.

The Nikkei is trading 0.1% higher while the Hang Seng is up 0.3%. The Shanghai Composite is up 0.1%.

Major Wall Street indices closed over 1% higher on Tuesday as labor cost data encouraged investors about the Federal Reserve's aggressive approach to taming inflation a day ahead of the central bank's critical policy decision.

The Dow Jones ended higher by 1.1% while the tech-heavy Nasdaq Composite ended higher by 1.7%.

Here's a table showing how US stocks performed yesterday:

Source: Equitymaster

Back home, Indian share markets are trading on a strong note, as investors look forward to the union budget 2023.

At present, the BSE Sensex is trading higher by 540 points. Meanwhile, the NSE Nifty is trading higher by 151 points.

ICICI Bank, Tata Steel, and, Power Grid are among the top gainers today.

Sun Pharma, M&M, and ITC are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 1.1%, while the BSE Small Cap index is up 1%.

Sectoral indices are trading on a positive note with the exception of the energy sector. Stocks in the finance sector, banking sector, and metal sector are witnessing buying.

Shares of Ratnamani Metals and M&M hit their 52-week high today.

The rupee is trading at Rs 81.68 against the US dollar.

In the commodity markets, gold prices trade lower by Rs 142 at Rs 57,100 per 10 grams.

Meanwhile, silver prices are trading flat at Rs 68,815 per 1 kg.

Speaking of stock markets, the stock markets have been under pressure after the American short-seller Hindenburg Research issued a report on Adani group stocks.

The top Adani group stocks have taken a hit. However, this is not new ...the same thing happened before with Vakrangee.

Also speaking of Adani stocks, to understand what our readers are thinking about the fall in Adani group stocks, we ran a poll on Equitymaster's telegram channel.

This is what we asked our readers:

Some think the stocks would regain their valuation in a month.

The FPO of Adani Enterprises was saved yesterday as HNI investors came to the rescue.
 

Adani Enterprises FPO

Healthy competition is always good.

Adani group is a prime example of the above adage. When retail investors showed very little interest in the FPO, the offer was saved by other big business houses of India.

FPO's highest contribution came from the family offices of - Ambani (Reliance), Sajjan Jindal (JSW), Sunil Mittal (Airtel), Sudhir Mehta (Torrent), Pankaj Patel (Zydus).

Also, NIIs put in bids for over three times the 96.2 lakh shares reserved for them. Around 12.8 million (m) shares reserved for qualified institutional buyers, or QIBs, were almost fully subscribed, according to the data on stock exchanges.

Some experts say it made sense for big institutional investors to pick up shares at high quantities from FPO as it is not always possible to procure shares in high quantities from the open market.

The key lesson from the Adani-Hindenburg saga is that keep your relations with your peers & competitors healthy. They'll help you in the darkest hour!
 

Indian Hotels Company Q3 results

Tata group hospitality firm Indian Hotels Company on Tuesday reported an over four-fold rise in consolidated net profit at Rs 4 bn (about Rs 403.6 crore) December 2022 quarter. This is against a consolidated net profit of Rs 959.6 m in the year-ago period

The consolidated revenue from operations rose by 51.6% to Rs 16.9 bn as against Rs 11.1 bn in the corresponding period of the previous financial year.

The revenue performance supported by scale benefits has enabled strong flow-through and record margins.

Indian Hotels Company rallied over 75% in 2022 on the back of firm demand in the leisure segment and a boost from increased business travel.

Indian Hotels Company was a multibagger stock of 2022. But will it continue the rally this year?
 

Lupin receives tentative approval from USFDA

Global pharma company Lupin on Tuesday announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) for its new drug application for Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets that manage HIV infections.

The company said that it has received the tentative nod from the US drug regulator under the US President's Emergency Plan for AIDS Relief (PEPFAR).

Earlier this month, Lupin announced that it had received tentative approval from the USFDA for its abbreviated New Drug Application (ANDA), Dolutegravir, and Rilpivirine Tablets, 50 mg/25 mg.

The tablets were the generic equivalents of Juluca Tablets, 50 mg/25 mg of ViiV Healthcare Company, with estimated annual sales of $666 million in the US, according to IQVIA.

Juluca Tablets are used for the treatment of HIV infection in adults. The drug controls the infection and helps to decrease the virus in the body.

More By This Author: