Sensex Today Rallies 550 Points; Nifty Tops 22,250

Asian markets traded lower, while the US stock indices ended higher overnight with the S&P 500 hitting a record closing high ahead of key economic data.

Japan's Nikkei 225 declined 0.9%, while the Topix plunged 1.1%.

US stock market indices ended higher on Wednesday, with the S&P 500 setting a closing record, ahead of the inflation data and US Federal Reserve commentary that would signal its interest rate path.

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 151.94 0.24 0.16% 152.69 150.13 155.2 100.28
Apple 173.31 3.6 2.12% 173.6 170.11 199.62 155.98
Meta 493.86 -2.03 -0.41% 499.89 488.07 523.57 197.9
Tesla 179.83 2.16 1.22% 181.91 176 299.29 152.37
Netflix 613.53 -15.71 -2.50% 631.35 610.73 634.39 315.62
Amazon 179.83 1.53 0.86% 180 177.31 181.42 96.29
Microsoft 421.43 -0.22 -0.05% 424.45 419.01 430.82 272.05
Dow Jones 39760.08 477.75 1.22% 39769.41 39461.98 39889.05 32295.5
Nasdaq 18280.84 70.3 0.39% 18344.09 18168.21 18464.7 12517.87

Data Source: Equitymaster

At present, the BSE Sensex is trading 568 points higher and NSE Nifty is trading 168 points higher.

Bajaj Finance, Bajaj Finserv and Hero MotoCorp are among the top gainers today.

Bajaj Auto, HCL Tech and Apollo Hospital on the other hand are among the top losers today.

Broader markets are trading on positive note. The BSE Midcap index id trading 0.3% higher and the BSE Small Cap index is trading 0.9% higher.

Sectoral indices are trading positive, with socks in oil & gas sector, and power sector witnessing buying.

The rupee is trading at Rs 83.38 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 66,583 per 10 grams today.

Meanwhile, silver prices are trading 0.3% higher at Rs 74,854 per 1 kg.
 

Biocon Receives Diabetes Drug Approval

Biocon has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) UK for its complex formulation Liraglutide, which was filed through its European partner, Zentiva. Liraglutide is a 6 mg/ml solution for injection in a prefilled pen.

Liraglutide is a drug-device combination formulation used in the treatment of type 2 Diabetes Mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar levels to be abnormally high.

As per the IQVIA data for Q4 2023, the total addressable market opportunity for GLP-1 in diabetes and weight loss in the UK was US$ 425 million.

Earlier this month, Biocon's subsidiary Biocon Biologics signed a long-term commercial collaboration with Eris Lifesciences to expand patient access to its portfolio of metabolic, oncology and critical care products in India.

The total transaction value was Rs 12.4 bn, which represents an accretive multiple of 3.4 times of revenue and 18 times of EBITDA.

chart


Dr Reddy's Partner Sanofi

Dr Reddy's Laboratories has entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute their vaccine brands across private markets in the country.

The pact is aimed at expanding the availability of Sanofi's vaccine brands, both paediatric and adult, within private markets in India.

It comes a day after Sanofi India announced a separate partnership with Cipla to boost access to Sanofi's Central Nervous System (CNS) medications across India.

Under the terms of the agreement, DRL will have exclusive rights to promote and distribute Sanofi's vaccine brands, including Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel, and Avaxim 80U.

These brands have collectively generated approximately Rs 426 crore in sales as of IQVIA MAT February 2024. Sanofi will continue to retain ownership, manufacture, and import these brands into the country.

The portfolio of vaccine brands includes Hexaxim and Pentaxim, which are indicated for primary and booster vaccination of infants and toddlers against diseases such as Diphtheria, Tetanus, Pertussis, Hepatitis B, Poliomyelitis, and bacterial diseases caused by Haemophilus influenzae.
 

NHPC Approves Fund Raising

State-owned NHPC on Wednesday said its board has approved a proposal to raise Rs 61 billion (bn) in debt in 2024-25.

The Board of Directors of NHPC in its meeting held on Wednesday considered and approved the proposal for raising debt to Rs 61 bn during 2024-25 through non-convertible Corporate Bonds in one or more tranches on a private placement basis, term loans or external commercial borrowing in tranches.

Further, the Board of Directors in the meeting has also given its in-principle approval for the closure of Loktak Downstream Hydroelectric Corporation.

NHPC is India's leading hydroelectric generation firm. The company supplies substantial power to utilities across eastern, northern and north-eastern regions through long-term Power Purchase Agreements (PPAs). It boasts a total capacity of 7,000 MW, filling the gap during peak demand periods when solar power falls short.

NHPC stands among the Top 5 Penny Stocks to Watch Out for in India's Booming Power Sector.


More By This Author:

Sensex Today Rallies 526 Points; Angel One Surges 9%
Sensex Today Trades Higher; Nifty Tops 22,100
Sensex Today Ends 361 Points Lower; Broader Markets Outperform

Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.