Asian markets gave up initial gains amid thin trading volumes. The trading momentum remained subdued, as many markets globally are closed for the extended Christmas holiday.The Nikkei is trading 0.2% higher while the Hang Seng index is trading 1.6% lower.US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year.Here’s a table showing how US stocks performed on Friday:

Source: EquitymasterAt present, the BSE Sensex is trading 19 points higher and NSE Nifty is trading 18 points higher.NTPC and UPL are among the top gainers today.Infosys and TCS on the other hand are among the top losers today.Broader markets are trading higher. The BSE Mid Cap and the BSE Small Cap index are trading higher by 0.5%.Sectoral indices are trading mixed, with stocks in the auto sector and power sector witnessing the most buying. Meanwhile, stocks in the IT and media sectors witness sellingThe rupee is trading at Rs 83.17 against the US dollar.In commodity markets, gold prices are trading 0.3% higher at Rs 63,140 per 10 grams today.Meanwhile, silver prices are trading 0.3% higher at Rs 75,601 per 1 kg.
 Reliance, Disney Sign New AgreementWalt Disney and Reliance Industries Ltd (RIL) inked a non-binding term sheet in London last week to advance with plans to merge their India-based media operation.The two sides had discussions recently about a possible joint venture in which RIL would get a majority stake.Consolidation between the two would lead to the creation of one of the country’s largest media empires, putting it in contention with players such as Zee Entertainment and Sony and streaming services like Netflix and Amazon Prime.The 51:49 stock-and-cash consolidation in favor of RIL is expected to wrap up by February.The deal could prove advantageous for Disney, whose Hotstar streaming app has been running into losses.Both firms are also likely to inject cash as capital investment, which is expected to be in the range of US$ 1-1.5 billion (bn).India’s two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. 
 Adani Wilmar Promoters to Divest StakeEdible oil and FMCG manufacturer Adani Wilmar on Saturday informed that its promoters will offload a 1.24 percent stake to comply with the minimum public shareholding norms of the Securities and Exchange Board of India (Sebi).Adani Commodities and Lence Pte, the promoters of the company, will be divesting part of their shareholding.The divestment is to be done by 31 January 2024.Under the Sebi rules, listed companies need to have at least 25% minimum public shareholding.At the end of September 2023, Adani Commodities and Lence Pte each own a 43.9% stake in the company, taking the total promoter shareholding in the firm to 87.9%. Lence Pte is also a part of the promoter group.Adani Wilmar shares plunge 14% in a month amid reports of a potential stake sale. In 2023 so far, the stock is down over 50%. 

Zydus Lifesciences Receives Observations
Zydus Lifesciences on Friday said the US health regulator has issued six observations after inspecting its active pharmaceutical ingredient (API) site in Ahmedabad, Gujarat.The US Food and Drug Administration (USFDA) inspected from 14 December to 22 December 2023.There were no data integrity-related observations.Besides, there are no repeat observations from the previous inspection.There are four drug master files (DMFs) from the site under approval with the US FDA.The company will closely work with the USFDA to address the observations.In 2023 between 1 January 2023 and 10 March 2023, the stock has gained 13%, making it among the top-performing Largecap stock of 2023 so far.More By This Author:Sensex Today Ends 242 Points Higher; Hindalco & Tata Motors Top GainersSensex Today Trades Higher; Realty Stocks ShineSensex Today Ends 359 Points Higher; Nifty Ends Above 21,000