Gift Nifty indicates a muted start for the Indian stock indices; The US markets ended mixed; The Asian markets traded mostly lower


Indian markets are likely to open on a flat note on Wednesday following cautions in Asian peers as investors awaited U.S. inflation data.

Further, Gift Nifty was trading around the 22,720 level which is 6 points lower than the Nifty futures’ previous close, indicating a muted start for benchmark Nifty.

The US stock market ended mixed on Tuesday, a day ahead of major inflation data, weighed down by financial stocks.
The Dow Jones Industrial Average fell 9.13 points, or 0.02%, to 38,883.67, while the S&P 500 rose 7.52 points, or 0.14%, to 5,209.91. The Nasdaq Composite ended 52.68 points, or 0.32%, higher at 16,306.64.

Asian markets traded mostly lower on Wednesday after the release of Japan’s corporate inflation data.
Japan’s Nikkei 225 fell 0.18%, while the Topix declined 0.23%. Hong Kong’s Hang Seng index futures indicated a stronger opening. South Korea’s markets are closed.


IndusInd Bank: IndusInd International Holdings (IIHL), the promoter entity of IndusInd Bank, has signed a definitive agreement with Invesco India Asset Management to form a joint venture. IIHL will acquire a 60 percent shareholding in Invesco India Asset Management, while Invesco Limited will retain a 40 percent stake in the newly formed joint venture. Both IIHL and Invesco will have sponsor status.

Lupin: The pharma company has launched its first generic version of Oracea (Doxycycline capsules, 40 mg) in the United States after receiving approval from the United States Food and Drug Administration (US FDA). Doxycycline capsules, which are used for the treatment of only inflammatory lesions (papules and pustules) of rosacea in adult patients, had estimated annual sales of $128 million in the US, as per IQVIA MAT February 2024.

Exide Industries: The automotive battery manufacturer has entered into an agreement to acquire a 26 percent equity stake in Clean Max Arcadia, a special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions, for the generation and supply of solar power. Through SPV, the company will promote renewable energy on a long-term basis by qualifying as a captive consumer for a solar capacity of 14.85 MWp at its factory in Bawal, Haryana.

Aditya Birla Fashion and Retail: The company has incorporated a new company, Aditya Birla Lifestyle Brands (ABLBL). The incorporation of the new company is for the proposed demerger of the Madura Fashion and Lifestyle businesses of the company.

Nirlon: ICICI Prudential Mutual Fund has bought 9.07 lakh equity shares (equivalent to 1 percent of paid-up equity) in the company at an average price of Rs 430 per share. However, Sadafuli Finvest was the seller in this deal, offloading 9,07,302 equity shares at the same price.

Gland Pharma: Nicomac Machinery, an entity connected to the former promoter of the company, Dr. Ravi Penmetsa, sold 19,55,452 equity shares (equivalent to 1.18 percent of paid-up equity) in the pharma company at an average price of Rs 1,735.31 per share. Lakumi Trust offloaded 61,65,486 equity shares (3.7 percent of paid-up equity) at an average price of Rs 1,739.1 per share.

Shyam Metalics and Energy: The metals manufacturing company has established a new stainless steel hot rolled coils (HRC) facility at the existing plant in Sambalpur, Odisha, as a part of its expansion plan. The new facility, with an increased capacity of 0.3 million metric tons per annum (MTPA), will specialize in the production of 200 and 400-series stainless steel hot-rolled coils by utilizing captive raw materials.