Sensex Today Trades Marginally Lower | Midcap Index Hits Record High | GSFC Tanks 7%

Thu, 7 Sep 10:30 am

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Asian stocks traded lower on Thursday after a decline on Wall Street, where strong economic data revived worries that the Federal Reserve might keep interest rates high for longer than investors had been hoping.

The Nikkei is trading 0.2% lower while the Hang Seng index is down 0.9%. The Shanghai Composite is trading down by 0.6%.

US stocks tumbled Wednesday as the price of oil climbed to a 10-month high, raising concerns about the impact surging energy costs could have on inflation.

The Nasdaq dropped 1.1% as tech mega caps stumbled, while the Dow Jones Industrial Average fell 0.6%

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	135.37	-1.34	-0.98%	137.48	134.69	138.58	83.45
Apple	182.91	-6.79	-3.58%	188.85	181.47	198.23	124.17
Meta	299.17	-0.98	-0.33%	303.30	295.66	326.20	88.09
Tesla	251.92	-4.57	-1.78%	255.39	245.06	313.80	101.81
Netflix	445.76	-2.92	-0.65%	451.39	440.49	485.00	211.73
Amazon	135.36	-1.91	-1.39%	137.45	134.61	143.63	81.43
Microsoft	332.88	-0.67	-0.20%	334.46	330.18	366.78	213.43
Dow Jones	34,443.20	-198.8	-0.57%	34,611.68	34,291.56	35,679.13	28,660.94
Nasdaq	13,872.50	-148.5	-1.06%	14,001.95	13,802.42	14,446.55	10,088.83

Source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading lower by 101 points. Meanwhile, the NSE Nifty is trading down by 28 points.

Coal India and UPL are among the top gainers today.

Bajaj Finance and JSW Steel on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading and the BSE Small Cap index is trading higher by 0.4%.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and realty sector are witnessing buying. While stocks in the FMCG sector and IT sector witnessing selling pressure.

Shares of Lupin and KMS hit their 52-week high today.

The rupee is trading at Rs 83.12 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 59,030 per 10 grams today.

Meanwhile, silver prices are trading marginally 0.2% lower at Rs 72,310 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, Hidden Treasure, Richa Agarwal, talks about a market leader that seems to be doing well with regards to its relevance in a world marked by electric mobility.

In fact, it is the an exclusive supplier to Ola's 2-wheeler factory in its product category.

Here's an interesting fact about it.

More than 90% of the vehicles running on Indian roads use this company's products.

Now India is the world's 5th largest vehicle market and is expected to become the 3rd largest in terms of volume by 2026. So needless to say, this company is well positioned to benefit as that opportunity unfolds.

The reasons she has have chosen to talk of it are not just its decent fundamentals, but also the fact that the insiders have been on a buying spree for this stock for quite some time now.

TCS- JLR deal

Tata Consultancy Services (TCS) on 6 September announced that it has won a mega deal with Jaguar Land Rover (JLR) to develop future-ready digital services for the luxury carmaker's clients.

JLR is a wholly-owned subsidiary of Tata Motors, in which Tata Sons is the largest shareholder.

The deal is valued at £800 million ($1 bn) over the next five years.

As per the pact, TCS will help JLR to transform, simplify and manage its digital services, and build a new future-ready, strategic technology architecture that will support the latter's 'Reimagine' strategy.

The services that TCS will provide include application development and maintenance, enterprise infrastructure management, cloud migration, cybersecurity and data services.

This is a truly bi-modal partnership where the efficiencies from leaner operations will help fund the new digital core, while our contextual knowledge and expertise will de-risk and accelerate that transformation.

This is the sixth major deal that India's largest IT services company has won this calendar year in Europe, at a time when there's a slowing of decision-making in America amid an uncertain demand environment.

TCS has created phenomenal wealth for its shareholders since its listing in 2004 and has always been among the most admired companies in India.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% in August 2022.

This makes TCS one of India's 7 Most Favourite Stocks.

For more, check out Why Infosys and TCS are the Best Hedge Against Fancy AI Stocks.

Biocon completes Viatris' integration

Biocon Biologics Ltd (BBL), a subsidiary of Biocon on 6 September announced that the company has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada) effective 1 September 2023.

Biocon Biologics recently acquired the global biosimilars business of its long-term partner Viatris to further strengthen its leadership position in the global biosimilars industry and provide complete end-to-end capabilities to patients and customers.

After the deal was finalized in November 2022, Biocon Biologics executed a robust integration plan to ensure a seamless transition of partners, people, systems, and processes.

In the April-June quarter of the fiscal year, Biocon's biosimilar division emerged as the driving force behind its top-line expansion. Revenues from this segment experienced a twofold increase compared to the previous year.

This remarkable performance can be attributed to three pivotal biosimilar products that substantially expanded their market presence in the United States.

The substantial uptick in biosimilar sales facilitated a noteworthy 60% surge in the company's top-line figures.

Biocon Biologics serves more than 5.7 million patients every year. They offer a wide range of biosimilar products, both in-market and in development.

This includes four products available in the United States and six in Canada. Their portfolio also includes 20 biosimilar assets, including insulins and monoclonal antibodies that cover various therapy areas.

With this exciting milestone, the company is providing patients, customers, and healthcare providers in North America with deep expertise, commitment, and continual investment to advance biosimilars throughout the entire value chain from innovation to ensuring a robust global supply.

Biocon stands among a list of pharma companies in India that have solid growth in sales and profits...and a high Return on Equity (ROE).

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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