Gift Nifty indicates a negative start for the Indian market; US Market closed lower; Asian stocks were under pressure

PRE MARKET

The Nifty indicates a negative start for the broader Indian index, with a loss of 80 points, or 0.32 percent. The Nifty futures were trading aroundthe 25,185.50 level.

The Nasdaq Composite posted its latest record finish on Tuesday, supported by a jump in shares of heavyweight Nvidia. Still, the other Wall Street benchmarks dropped as a key inflation report and a flurry of bank earnings failed to excite investors.

The Nasdaq Composite gained 37.47 points, or 0.18%, to finish at 20,677.80. The Dow Jones Industrial Average fell 436.36 points, or 0.98%, to 44,023.29, and the S&P 500 lost 24.80 points, or 0.40%, to 6,243.76.

Asian stock markets were under pressure on Wednesday, while the dollar climbed to its firmest level against the yen since early April, after U.S. inflation data suggested that tariffs are pushing prices up, dampening expectations for Federal Reserve policy easing.

Japan’s Nikkei fell by almost 0.1 percent, while Hong Kong’s Hang Seng and the Taiwanese weighted index rose by 0.09 and 1.16 percent.

STOCKS TODAY

Kotak Mahindra Bank

Phani Shankar has resigned from the position of President and Chief Credit Officer (Senior Management Personnel) of the bank. His resignation will be effective July 21.

Zydus Lifesciences

The company has received final approval from the US Food and Drug Administration (USFDA) for its Celecoxib capsules, which will be available in 50 mg, 100 mg, 200 mg, and 400 mg strengths. Celecoxib is used to treat pain and inflammation caused by various conditions such as arthritis, ankylosing spondylitis, and menstrual pain.

Biocon

Biocon’s subsidiary, Biocon Biologics, has received approval from the US FDA for KIRSTY (Insulin Aspart-xjhz), 100 units/mL, as the first and only interchangeable biosimilar to NovoLog (Insulin Aspart). KIRSTY is a rapid-acting human insulin analog, indicated to improve glycemic control in adult and pediatric patients with diabetes mellitus.

Bajaj Finserv

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the transfer of 26% equity shares held by Allianz SE in its two insurance subsidiaries—Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company—to Bajaj Finserv, Bajaj Holdings & Investment (promoter), and Jamnalal Sons (promoter group).

Jindal Steel & Power

Mayank Gupta has resigned as Chief Financial Officer of the company, effective July 15, citing personal commitments.

Source – Moneycontrol