Asian share markets are trading on a positive note today.

The Nikkei is trading up by 0.3% while the Hang Seng is up 1%. The Shanghai Composite is trading higher by 0.5%.

US stock markets closed lower on Thursday after data pointing to a tight labor market renewed concerns that the Federal Reserve will continue its aggressive path of rate hikes that could lead the economy into a recession.

The Dow Jones fell 0.8% while the tech-heavy Nasdaq declined 1%.

Here's a table showing the performance of US stocks yesterday:

Source: Equitymaster

Back home, Indian share markets are trading on a flat note, tracking the trend on SGX Nifty.

Benchmark indices opened on a positive note today but erased gains as the session progressed.

At present, the BSE Sensex is trading higher by 43 points. Meanwhile, the NSE Nifty is trading up by 9 points.

IndusInd Bank, HDFC, and Power Grid are among the top gainers today.

HUL, Sun Pharma, and Nestle are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading flat while the BSE Small Cap index is trading up by 0.2%.

Sectoral indices are trading on a mixed note. Stocks in the consumer durables sector, FMCG sector, and telecom sector witness selling.

Meanwhile stocks in the power sector, finance sector, and banking sector witness buying.

Shares of L&T and IIFL Wealth Management hit their 52-week high today.

The rupee was trading at Rs 81.2 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 124 at Rs 56,670 per 10 grams.

Meanwhile, silver prices are trading higher by 0.5% at Rs 68,723 per 1 kg.

Speaking of stock markets, to markets, the Union Budget isn't just an annual accounting exercise. It's the most important event of the year.

If the market views the budget positively, stocks will rise, at least in the short term.

But if the markets don't like the Finance Minister's speech, for whatever reason, there will be a bloodbath.
 

Why Bajaj Finance's share price is falling

An unwritten rule on Dalal street is that you should never fall in love with a stock. But with some companies, investors just can't help themselves...

Bajaj Finance (BFL), a Nifty 50 company, has been a market darling for a long, rewarding its loyal shareholders with generational wealth.

But in recent times, this changed. In the past few week, BFL's share price has come under pressure.

In 2022, Bajaj Finance underperformed both the Sensex and NIFTY for the first time in 14 years. Worst yet, this was the first negative annual return since 2011.

2023 has been no better... The stock is down another 9% in the first few days.

Sun Pharma to buy Concert Pharmaceuticals

Sun Pharma on Thursday agreed to buy Concert Pharmaceuticals Inc. for US$ 576 million (about Rs 128,002 m) to access the US company's experimental drugs for treating skin diseases, including patchy hair loss.

Concert Pharmaceuticals has an extensive patent portfolio, including its lead product candidate, deuruxolitinib, a late-stage drug for treating alopecia areata, an autoimmune dermatological disease resulting in patchy hair loss.

The deal will help strengthen the Indian pharma company's dermatology product range in the US. The company said its immediate focus is on submitting a New Drug Application to the US Food and Drug Administration (FDA) in the first half of 2023.

Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of US$ 8 per share of common stock in cash or US$ 576 m in equity value.

The transaction is expected to be completed in the first quarter of 2023.
 

Jubilant Foodworks' capex plans

Food services firm Jubilant Foodworks will invest Rs 9 bn in India in the next 12-18 months. The company plans to open 250 stores for Domino's across the country.

The firm also announced its medium-term outlook to open 3,000 Domino's stores globally.

Furthermore, the company announced its expansion plans for the Popeyes chain in the country. The company said that it plans to open 40-50 stores for Popeyes in India in the next 12-18 months.

Out of the total Capex, Rs 5 bn to Rs 6 bn will be funded towards stores (including re-imaging and maintenance of Capex) and digital. Additionally, Rs 3 bn will be set aside for commissaries.

Moreover, the Bengaluru commissary is expected to be operational by the first quarter of the next financial year. The company said it has set a total planned investment of Rs 250 crore.

Last month, the firm also unveiled 20-minute delivery of India's largest pizza chain, Domino's in 20 zones across 14 cities in India.

These big capex plans may finally bring a sigh of relief to investors because as of late, Jubilant Foodworks share price was falling.
 

KIOCL enters into an agreement with the Karnataka government

KIOCL has signed an agreement with the Karnataka government for a mining lease for iron ore and manganese ore in Devadari for a period of 50 years by paying Rs 3.3 bn.

Did you that KIOCL is one of the top 5 fundamentally strong midcap stocks?

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