Market snapshot
Equities: Wednesday close
The Nifty opened almost flat at 24,152. High oil prices, rising bond yields, fresh El Niño concerns and weak domestic sentiment continued to weigh on the market.
The index fell to around 24,070 within the first 20 minutes. It recovered briefly towards 24,100, but then fell again and reached a first-half low near 24,030 at around 11 am.
The second half remained choppy and mostly directionless. The Nifty traded mainly between 24,040 and 24,065 before touching an intraday low near 24,025 at around 2:20 pm.
A sharp move during the closing auction helped recover a large part of the day’s losses. The Nifty closed at 24,078.30, around 75 points below its opening level but nearly 50 points above the day’s low.
| Index | Close | Change | Previous close |
|---|---|---|---|
| Nifty 50 | 24,078.30 | -0.32% | 24,154.90 |
| Sensex | 76,909.68 | -0.42% | 77,235.46 |
| Nifty Next 50 | 73,900.65 | -0.55% | 74,308.90 |
| Nifty Midcap 150 | 23,305.60 | -0.25% | 23,364.90 |
| Nifty Smallcap 250 | 18,232.00 | -0.63% | 18,346.75 |
| Nifty Microcap 250 | 26,131.85 | -0.59% | 26,286.65 |
Zerodha AfterMarket Report
Sector performance
IT was the strongest sector, rising 0.73%. Consumer Durables was almost flat, up 0.03%.
Most other sectors ended lower. Energy was the weakest, falling 1.18%. Media declined 0.91%, while FMCG fell 0.55%.
| Sector | Close | Change | Previous close |
|---|---|---|---|
| Nifty IT | 30,433.05 | +0.73% | 30,213.45 |
| Nifty Consumer Durables | 40,276.55 | +0.03% | 40,264.70 |
| Nifty PSU Bank | 8,617.65 | -0.01% | 8,618.50 |
| Nifty Metal | 13,023.25 | -0.02% | 13,025.30 |
| Nifty Bank | 57,239.75 | -0.04% | 57,262.40 |
| Nifty Realty | 895.35 | -0.05% | 895.80 |
| Nifty Pharma | 26,313.80 | -0.18% | 26,361.90 |
| Nifty Service | 30,682.90 | -0.25% | 30,759.75 |
| Nifty Auto | 29,185.40 | -0.27% | 29,264.55 |
| Nifty FMCG | 47,473.90 | -0.55% | 47,734.80 |
| Nifty Media | 1,587.65 | -0.91% | 1,602.20 |
| Nifty Energy | 38,124.45 | -1.18% | 38,578.85 |
F&O winners and losers
Kaynes Technology was the strongest F&O stock, rising 4.92%. Nippon Life India Asset Management gained 3.96%, while PNB Housing Finance rose 2.46%.
| Top gainers | Close | Change | Previous close |
|---|---|---|---|
| KAYNES | 3,823.30 | +4.92% | 3,644.10 |
| NAM-INDIA | 1,217.00 | +3.96% | 1,170.60 |
| PNBHOUSING | 1,174.00 | +2.46% | 1,145.80 |
| PAYTM | 1,583.50 | +2.41% | 1,546.30 |
| COFORGE | 1,813.10 | +2.26% | 1,773.00 |
Zerodha Technicals
Hitachi Energy India was the biggest loser, falling 4.18%. Adani Energy Solutions declined 3.89%, while CG Power fell 3.48%.
| Top losers | Close | Change | Previous close |
|---|---|---|---|
| POWERINDIA | 33,800.00 | -4.18% | 35,275.00 |
| ADANIENSOL | 1,540.70 | -3.89% | 1,603.00 |
| CGPOWER | 863.05 | -3.48% | 894.20 |
| BDL | 1,349.00 | -3.16% | 1,393.00 |
| LTF | 315.40 | -2.98% | 325.10 |
Commodities
MCX commodity futures ended mixed.
Crude oil rose 1.18%, while natural gas gained 1.21%. Gold increased 0.19%.
Silver fell 0.98%, zinc declined 0.70%, and copper fell 0.46%.
| MCX futures | Price | Change | Previous close |
|---|---|---|---|
| Gold | ₹1,54,550.00 | +0.19% | ₹1,54,262.00 |
| Silver | ₹2,30,136.00 | -0.98% | ₹2,32,419.00 |
| Crude oil | ₹8,239.00 | +1.18% | ₹8,143.00 |
| Natural gas | ₹268.00 | +1.21% | ₹264.80 |
| Zinc | ₹394.75 | -0.70% | ₹397.55 |
| Copper | ₹1,362.25 | -0.46% | ₹1,368.55 |
| Aluminium | ₹347.20 | +0.04% | ₹347.05 |
Zerodha AfterMarket Report
Currency and bond yields
USD/INR was almost unchanged at 95.66.
India’s 10-year government bond yield remained around 6.83.
The US 10-year Treasury yield fell to 4.70 from 4.72.
| Index / rate | Close | Change | Previous close |
|---|---|---|---|
| USD/INR | 95.66 | +0.01% | 95.65 |
| India 10-year yield | 6.83 | -0.01% | 6.83 |
| US 10-year yield | 4.70 | -0.42% | 4.72 |
Institutional flows
Foreign institutional investors bought Indian equities worth a net ₹408 crore on 19 August.
Domestic institutional investors bought a net ₹3,974 crore.
Across the five sessions shown below, FIIs were net sellers of ₹478 crore, while DIIs were net buyers of ₹16,363 crore.
| Date | FII net | DII net |
|---|---|---|
| 19 August | ₹408 crore | ₹3,974 crore |
| 18 August | ₹1,652 crore | ₹2,579 crore |
| 17 August | -₹2,535 crore | ₹5,101 crore |
| 14 August | ₹508 crore | ₹356 crore |
| 13 August | -₹511 crore | ₹4,353 crore |
| Five-session total | -₹478 crore | ₹16,363 crore |
NSE
Macro view
RBI policy outlook
The RBI kept the repo rate unchanged at 5.25% at its 5 August policy meeting.
Retail inflation has been moving higher. It increased from 2.74% in January to 4.45% in July, mainly because of food and fuel prices.
Headline inflation averaged 3.93% between January and July. Core inflation was 3.9% in July.
August MPC minutes
The RBI lowered its FY27 retail inflation forecast to 5% from 5.1%.
At the same time, it raised its GDP growth forecast to 6.7% from 6.6%.
Core inflation is expected to average 4.3% in FY27.
MPC member Poonam Gupta said headline inflation could reach as high as 5.9% in Q3FY27. She said a case for a rate increase could emerge during the year.
SBI Research described the MPC as showing a clear hawkish progression among members.
Barclays expects no rate change this year and a 50-basis-point increase in 2027.
“I would prefer to wait for more certainty to emerge on the inflation trajectory in terms of the persistence of realized prints at these or higher levels, the forecast, and the likely levels to which inflation may normalize and settle for any recalibration of the policy rate.”Sanjay Malhotra, Governor, Reserve Bank of India
Rail and highway projects worth ₹13,041 crore
The Cabinet Committee on Economic Affairs approved four railway track-quadrupling projects and one highway project worth ₹13,041 crore.
The four railway projects are on the Howrah-Chennai high-density network.
They cover eight districts across:
- West Bengal
- Odisha
- Tamil Nadu
- Andhra Pradesh
The projects will add around 410 km to the existing railway network.
They are expected to improve connectivity for around 6,448 villages with a combined population of about 6 million.
| Project | Cost | Additional capacity |
|---|---|---|
| Cuttack-Paradeep | ₹2,286 crore | 12 million tonnes of freight per year |
| Gummidipundi-Gudur | ₹2,229 crore | 21.24 million tonnes of cargo per year |
| Bhadrak-Haridaspur | ₹1,583 crore | 29 million tonnes per year |
| Kharagpur-Bhadrak | ₹3,352 crore | Not separately stated |
Mint
The Cabinet also approved a four-lane highway between Muzaffarpur and Sonbarsa in Bihar worth ₹3,591 crore.
Union Minister Ashwini Vaishnaw said seven major rail routes make up around 11% of India’s railway network by distance but carry 40% of total traffic.
India’s toll-road economics
Toll collections reached ₹67,400 crore in FY26.
Toll-plaza transactions reached 3.81 billion.
Compared with the previous year:
- Toll transactions rose 14%.
- Total toll collections rose 12%.
The National Electronic Toll Collection network expanded from around 300 toll plazas in 2016 to 1,160 by March 2026.
Indian Highways Management Company
Rajasthan had 159 toll plazas, Uttar Pradesh had 136 and Maharashtra had 96.
Together, the three states accounted for more than one-third of India’s total toll plazas.
The 15 highest-grossing toll plazas in FY26 were all located on the Golden Quadrilateral.
Together, they collected more than ₹5,400 crore, around 8% of total toll revenue.
The Shahjahanpur toll plaza in Neemrana, Rajasthan, recorded the highest collection at ₹443 crore.
Private vehicles made up 62% of transactions but generated only 23% of toll revenue.
Private concessionaires operated 27% of toll plazas but generated half of total revenue.
Average collection per private toll plaza was ₹109 crore, compared with ₹40 crore at public toll plazas.
SEBI settlement framework
SEBI proposed changes to its settlement framework.
A study of cases where settlements failed found that the proposed settlement amount was, on average, around eight times the final penalty.
The revised framework could reduce this to around four times.
Cases where the settlement amount is up to ₹10 lakh would not need to go through the high-powered advisory committee.
Closing auction orders
From September, stockbrokers will be allowed to accept trade orders during the first few minutes of the closing auction session.
Aftermarket orders will be accepted between 3:15 pm and 3:20 pm.
The closing auction session begins at 3:15 pm and ends at 3:35 pm.
Mobile SIM restrictions
The Department of Telecommunications directed telecom operators to refuse new connections to subscribers who already have nine mobile SIM cards in their name.
The measure will apply from 24 August.
The DoT has also started the process of disbanding the Digital Communication Commission.
Monsoon crop planting
Kharif crop planting has largely recovered after normal rainfall in July helped offset the driest June in 12 years.
Sowing of most crops, including pulses, oilseeds and cotton, is progressing satisfactorily.
Renewable energy and storage
Icra expects electricity-grid readiness and energy storage to drive the next phase of renewable-energy growth.
The share of electricity generation from renewable energy, including large hydro, is expected to rise above 35% by 2029-30.
The share was 22% in 2024-25.
Icra
Research, Development and Innovation fund
India’s ₹1 trillion Research, Development and Innovation fund is preparing to select the next group of second-level fund managers.
The final meeting is expected within the next couple of weeks.
Selection will be based on merit.
Railway freight and logistics
Indian Railways recorded freight loading of 1.67 billion tonnes in FY26.
It has commissioned 128 Gati Shakti Multi-Modal Cargo Terminals.
Another 292 locations have received approval.
India’s courier, express and parcel market is valued at around $9.6 billion in 2026.
Ken Research expects it to grow to $17.5 billion by 2031.
This implies a compound annual growth rate of 10.58%.
Ken Research
National Testing Agency reforms
The Supreme Court directed the Centre to explain the steps taken to implement recommendations from the Radhakrishnan panel and the Nandan Nilekani committee on National Testing Agency reforms.
Corporate action and earnings
Deals and M&A
KKR buys minority stake in BookMyShow
KKR signed definitive agreements to acquire a minority stake in BookMyShow.
The deal is expected to involve around a 6% stake.
It values BookMyShow at between $650 million and $750 million.
Avendus Capital was the exclusive financial adviser to BookMyShow.
Trilegal acted as legal adviser.
Navi raises $100 million
Navi raised $100 million from Dutch technology investor Prosus.
The company had earlier filed to raise up to ₹3,350 crore through a stock-market listing in March 2022.
That listing was later shelved because of market volatility.
CtrlS receives ₹250 crore
Zerodha co-founder Nikhil Kamath invested ₹200 crore in data-centre company CtrlS.
Entrepreneur Sreeram Reddy Vanga invested another ₹50 crore.
Investcorp acquires 20Cube
Investcorp acquired digital-first contract-logistics platform 20Cube 3PL Solutions for around ₹500 crore.
The two companies plan to invest another ₹500 crore to ₹750 crore in acquisitions to build a larger contract-logistics business.
Siguler Guff closes $500 million fund
Siguler Guff closed its second Global Emerging Markets Growth Opportunities Fund at $500 million.
The fund has already invested around $200 million.
Recent investments include:
- Trimex Foods.
- Rajasthan Royals.
- Valliance.ai.
- La Renon.
Escorts Kubota
Escorts Kubota announced a ₹2,000 crore investment to build a new manufacturing plant in Uttar Pradesh’s YEIDA industrial area.
The plant is expected to become one of Kubota Group’s largest manufacturing facilities globally.
Volkswagen India talks
Skoda CEO Klaus Zellmer said Volkswagen is in talks with an unnamed partner in India.
He expects the deal to be completed this year.
IPOs and issuance
Upstox considers an IPO
Upstox has started discussions with investment banks about a possible IPO.
The offering could raise around $400 million.
It is expected to include both new shares and a sale by existing shareholders.
Earnings and guidance
L&T Technology Services
L&T Technology Services secured a five-year contract worth more than $75 million from a leading global technology company.
The contract will use LTTS’ Engineering Intelligence capabilities across the client’s product-development and engineering lifecycle.
Indigo Paints
Indigo Paints is targeting annual revenue growth above 25% if the wider industry grows 13% to 14%.
Its gross margin was 44.6% in Q1FY27.
The industry average was 41.5%.
Advertising and promotion spending fell to 4.3% of revenue from 6.8% a year earlier.
Vedanta net-zero investments
Vedanta invested more than $1 billion in net-zero transition initiatives during FY26.
Renewable-energy use increased 52% year-on-year to 4 billion units in 2025-26.
Birla Group Holdings
Aditya Birla Group promoter entity Birla Group Holdings Pvt. Ltd received RBI registration as a core investment company on 18 November.
The company first applied in September 2019.
The market value of its holdings in 11 listed Birla companies was slightly above ₹92,000 crore as of 19 August.
Its borrowings stood at ₹22,142 crore at the end of FY25.
Hyundai raises prices
Hyundai Motor India plans to increase vehicle prices by up to 1% from September 2026.
The exact increase will depend on the model and variant.
The company said the price increase is intended to partly offset higher costs.
Markets and fund flows
India becomes Asia’s least-preferred equity market in BofA survey
India replaced Indonesia as the least-preferred Asian equity market among fund managers surveyed by Bank of America.
Around 32% of respondents were net underweight Indian equities.
The main concerns were:
- Lack of clear AI exposure.
- Weak growth prospects.
- High valuations.
- Insufficient reforms.
Possible limits on passive mutual funds
SEBI is considering limits on the number of passive mutual funds allowed in each category.
More than 130 passive funds were launched during the past year, compared with 86 active funds.
Passive fund assets stood at ₹15.5 trillion in July.
They represented 18% of total mutual fund assets.
Regulatory and legal
SEBI action over closing-auction trades
SEBI barred Copthall Mauritius Investment Ltd and Mansi Share and Stock Broking Pvt. Ltd from accessing the securities market.
It also ordered the two entities to deposit a combined ₹3.68 crore.
The action relates to alleged manipulative trading during a Sensex closing auction on 13 August.
Copthall allegedly made an illegal gain of ₹2.96 crore.
Mansi Share allegedly made unlawful profits of ₹71.65 lakh.
This is the first formal SEBI proceeding against an entity in connection with the closing auction session.
Shalimar Paints trading before Infra.Market deal
Shalimar Paints shares rose 20% on 3 August, days before its share-swap with Hella Infra Market was announced.
The stock closed at ₹80.01 from an opening price of ₹67.68.
Traded value was ₹34.74 crore across 4.52 million shares.
Volumes increased to 10 million shares on 4 August.
The National Stock Exchange sent a query to Shalimar on 3 August.
SpiceJet and lessor fined
The National Company Law Tribunal fined SpiceJet and aircraft lessor Aviator ML 29641 Ltd a combined ₹15 lakh.
Each party must pay ₹7.5 lakh to the Prime Minister’s National Relief Fund.
The fine was imposed because they informed the tribunal of their settlement at the last minute.
CBI case against Gensol and BluSmart founders
The Central Bureau of Investigation registered a case against Gensol Engineering and BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi.
The case concerns an alleged loss of more than ₹672 crore to the Indian Renewable Energy Development Agency.
The alleged loss includes:
- ₹453.77 crore related to Gensol Engineering.
- ₹218.97 crore related to Gensol EV Lease.
Diageo India changes labels
Diageo India will change labels on several whisky and rum products that were flagged by FSSAI.
The composition of the products will remain unchanged.
The company has 90 days to clear existing stock in Maharashtra.
United Spirits informed stock exchanges that FSSAI had cancelled its 29 June order restricting the sale of McDowell’s Celebration rum.
The company said there is no material financial or operational impact.
Oppo Reno 5 inquiry
The Central Consumer Protection Authority decided to open an inquiry into complaints about alleged manufacturing defects in Oppo Reno 5-series smartphones.
Oppo had a 14% share of India’s smartphone market in the June quarter.
It ranked third behind Vivo and Samsung.
Operations and other corporate news
Delayed onboarding at IT companies
Cognizant, Wipro and LTM have delayed the onboarding of fresh graduates.
Some joining dates are more than a year after candidates cleared the selection process.
More than 200 entry-level candidates are waiting to join Wipro.
All three companies said they would honour their commitments.
IndiGo reservation-system issues
IndiGo reported intermittent problems with its main reservation platform.
The company said its teams were working with a partner to resolve the problem.
Upcoming events
Economic calendar
| Date | Event |
|---|---|
| 20 August 2026 | Central-bank policy rate, China |
| 20 August 2026 | Core sector |
| 20 August 2026 | FDI net inflows |
| 20 August 2026 | House Price Index |
| 21 August 2026 | Inflation, Japan |
| 21 August 2026 | FX reserves |
Zerodha Economic Calendar
Global pulse
Global markets
Most major global markets ended lower.
The Nikkei 225 fell 3.16%.
The Shanghai Composite declined 2.40%.
The S&P 500 fell 0.67%.
The Hang Seng was the only index in the table to finish higher.
| Index | Close | Change | Previous close |
|---|---|---|---|
| S&P 500 | 7,714.26 | -0.67% | 7,766.06 |
| Dow Jones | 53,364.40 | -0.22% | 53,480.78 |
| Nasdaq 100 | 29,534.25 | -0.17% | 29,586.00 |
| Nikkei 225 | 65,326.42 | -3.16% | 67,460.73 |
| Shanghai Composite | 3,894.42 | -2.40% | 3,990.29 |
| Hang Seng | 25,495.07 | +0.09% | 25,471.16 |
| FTSE 100 | 10,703.83 | -0.23% | 10,728.04 |
Zerodha AfterMarket Report
Crude oil and the Strait of Hormuz
WTI crude moved towards $86 per barrel.
This was its fourth consecutive session of gains.
The US and Iran made little progress towards an agreement that could end the conflict and reopen the Strait of Hormuz.
The continued deadlock kept concerns about Middle East oil supplies high.
Moderna and Merck cancer-vaccine trial
Moderna shares rose sharply before the US market opened after positive results from a late-stage cancer-vaccine trial.
Its mRNA therapy, Intismeran, was tested together with Merck’s Keytruda.
The combination met:
- Its primary goal of reducing cancer recurrence.
- Its secondary goal of reducing the risk of the cancer spreading to other parts of the body.
LandSpace reusable rocket
China’s LandSpace successfully recovered the first-stage booster of its Zhuque-3 rocket after an orbital launch.
It became the first Chinese commercial rocket company to both reach orbit and recover a first-stage booster.
LandSpace became the fourth organisation globally to recover a launch vehicle, after:
- SpaceX.
- Blue Origin.
- China’s state-owned aerospace corporation.
Unitree Robotics
Unitree Robotics shares rose more than five times their issue level on their Shanghai trading debut.
The listing was an important event for China’s humanoid-robotics industry.
SK Hynix buyback
SK Hynix announced plans to buy back and cancel treasury shares worth 40 trillion won, around ₹2.75 lakh crore.
The decision came after the company’s stock fell around 50% in less than two months.
UAE suspends trade with Iran
The United Arab Emirates suspended all trade with Iran.
The decision followed renewed military tension after the UAE said it came under fire.
Incoming ballistic-missile fire triggered nationwide warnings on Tuesday night.
The UAE foreign ministry said all trade and financial transactions with Iran would stop until further notice.
Iranian foreign ministry spokesperson Esmail Baghaei denied that Iran had launched any missile towards the UAE.
The UAE is an important re-export hub for Iran.
In 2024:
- The UAE supplied more than 30% of Iran’s imports, worth around $21 billion.
- It received nearly 13% of Iran’s exports, worth around $7 billion.
World Trade Organization
US bond yields and debt costs
US bond yields remain near 19-year highs.
The 30-year Treasury yield moved above 5.3% for the first time since 2007.
The 10-year yield was 4.706% on Tuesday, down from 4.725% on Monday.
Publicly held US debt is now around 100% of GDP.
Federal interest costs averaged 2.1% of GDP over the past 50 years.
They are expected to reach:
- 3.3% this year.
- 4.6% by 2036.
Congressional Budget Office
Tankers turn back in Hormuz
Three China-linked supertankers turned around in the Strait of Hormuz as shipping risks remained high.
The vessels were flagged to Hong Kong.
They were broadcasting that Chinese crew members were on board.
Ukrainian sovereign bonds
An index of Ukrainian sovereign bonds has returned 150% since the start of 2023.
Ukraine’s sovereign bonds are up 12% so far in 2026.
They gained 10% in 2025.
European policymakers approved a €90 billion loan to Ukraine earlier this year.
India-Singapore ministerial meeting
Finance Minister Nirmala Sitharaman travelled to Singapore for the 4th India-Singapore Ministerial Roundtable.
The Indian delegation also includes:
- External Affairs Minister S. Jaishankar.
- Commerce and Industry Minister Piyush Goyal.
- Minister of State Jitin Prasada.
Goyal is visiting Singapore from 19 to 21 August with a business delegation of around 70 senior leaders.
OpenAI and Meta data-centre spending
OpenAI pledged to invest $80 million in an Effingham County, Georgia community.
It will also provide up to $71 million in coding credits to local students alongside a planned data centre.
Meta announced a $1 billion fund for communities where it operates data centres.
Meta is planning up to $145 billion of capital expenditure this year.
A Gallup survey found that 71% of Americans would oppose a data centre being built in their local area.
Management commentary
“We are looking at import dependence sector by sector. First, we need to understand why we are importing - what are the top five reasons for imports in a particular sector and what can we do about them.”Nirmal Kumar Minda, Executive Chairman, Uno Minda Group
“Our premiumization percentage as a category, in the toothpaste category, is about 19%, or about a fifth of the category, above the 140 index. If you look at toilet soap and shampoo, those numbers are in the order of magnitude of 2x and 3x. As a community of toothpaste brands, we certainly have an opportunity to do more, and Colgate can be at the forefront of this.”Prabha Narasimhan, MD & CEO, Colgate-Palmolive India
“Banks must anticipate and contain cyber fraud and other emerging risks, while protecting consumers and preserving market integrity. Test these systems adversely before deployment, and again at regular intervals thereafter.”Shirish Chandra Murmu, Deputy Governor, Reserve Bank of India
“The market-making framework is not working properly. And the cost is increasing due to that market-making. The underwriting system is not working. And it should be given a lot of cost. So it is becoming more costly than the main board.”Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India
Feature: The first Phase 3 win for an mRNA cancer therapy
What was announced
Merck and Moderna announced positive topline results from the Phase 3 INTerpath-001 trial.
The study tested intismeran autogene, also known as V940 or mRNA-4157, together with Keytruda.
The patients had completely resected stage IIB to IV melanoma.
The trial met its primary endpoint of recurrence-free survival.
It also met a key secondary endpoint of distant metastasis-free survival.
The companies described this as:
- The first positive Phase 3 result for an individualised neoantigen therapy.
- The first positive Phase 3 result for an mRNA-based cancer therapy.
- The first Phase 3 study to show a clinically meaningful improvement over Keytruda alone as adjuvant treatment for patients with resected melanoma.
At a planned interim analysis, the combination showed statistically significant and clinically meaningful improvements in both endpoints.
The patients had stage IIB, IIC, III or IV cutaneous melanoma that had been completely removed through surgery.
They had not previously received systemic therapy.
The trial will continue to assess other endpoints, including overall survival.
No new safety signals were identified.
Trial design
INTerpath-001 is a global Phase 3 trial.
It is:
- Randomised.
- Double-blind.
- Placebo-controlled.
- Active-comparator-controlled.
The trial is registered as NCT05933577.
It enrolled 1,137 patients.
After complete surgical removal of the tumour, patients were assigned in a 2:1 ratio.
The treatment group received:
- Intismeran at 1 mg every three weeks for up to nine doses.
- Keytruda at 400 mg every six weeks for up to nine cycles.
The comparison group received Keytruda alone.
Treatment continued for around one year, until the disease returned, unacceptable toxicity occurred, or total treatment reached approximately 56 weeks.
Endpoints
The primary endpoint is recurrence-free survival.
This means the time from randomisation until:
- The cancer returns.
- Or the patient dies from any cause.
Key secondary endpoints include:
- Distant metastasis-free survival.
- Overall survival.
- Safety.
- Tolerability.
- Quality of life.
How intismeran works
Intismeran autogene is an investigational mRNA-based individualised neoantigen therapy.
Merck and Moderna are developing it together.
A patient’s tumour sample is used to identify mutations that are specific to that person’s cancer.
The therapy then uses synthetic mRNA that codes for up to 34 neoantigens selected for that individual tumour.
Earlier Phase 2b results
The Phase 3 result builds on earlier Phase 2b findings from the KEYNOTE-942/mRNA-4157-P201 trial.
Five-year follow-up data were presented at the 2026 ASCO Annual Meeting.
Compared with Keytruda alone, the combination showed:
- A 49% reduction in the risk of recurrence or death.
- A 59% reduction in the risk of distant metastasis or death.
Merck & Co. and Moderna
What company and trial leaders said
“These Phase 3 findings represent a pivotal moment for the field of cancer research. For many years, the idea of creating an mRNA treatment designed specifically for an individual patient’s cancer was aspirational. We are now helping turn that vision into a reality.”Stéphane Bancel, Chief Executive Officer, Moderna
“By intervening earlier in the course of disease, when many cancers are considered most treatable, the goal of adjuvant therapy given after surgery is to increase the possibility of cure for more patients. These first Phase 3 findings for intismeran in combination with KEYTRUDA as adjuvant therapy reinforce the promise of a more personalized approach to cancer treatment.”Dr. Dean Y. Li, President, Merck Research Laboratories
“Today’s results represent a landmark moment for adjuvant melanoma treatment. Intismeran in combination with pembrolizumab has the potential to establish a new treatment paradigm in the adjuvant melanoma setting, helping patients remain cancer-free for longer.”Professor Georgina Long, Principal Investigator; Medical Director, Melanoma Institute Australia
Market reaction
Moderna shares moved sharply higher after the results.
Axios reported that Moderna shares rose 177% on Wednesday.
Merck shares closed 12.6% higher.
CBS News reported that, during morning trading:
- Moderna rose $91.52, or 145%, to $154.48.
- The stock touched an intraday high of $163.
- Merck rose $14.35, or 10.6%, to $149.52.
BioSpace reported that Moderna rose 91% to $120 in pre-market trading.
RBC Capital Markets analysts said the results arrived earlier than expected and described the result as surprisingly positive.
William Blair analysts said the positive result also provides a positive signal for other studies of intismeran in different cancer types.
Broader trial pipeline
The INTerpath programme includes nine Phase 2 and Phase 3 trials across different tumour types and stages.
These include:
- Melanoma.
- Non-small cell lung cancer.
- Bladder cancer.
- Renal cell carcinoma.
Other studies include a Phase 1 programme covering:
- Adjuvant pancreatic ductal adenocarcinoma.
- Perioperative gastric carcinoma.
- Perioperative non-small cell lung cancer.
What happens next
The companies plan to present the results at an upcoming international medical meeting.
They also plan to share the data with regulators and discuss possible filing submissions.
David Berman, chief development officer at Moderna, said last month that the effectiveness of checkpoint inhibitors in bladder cancer gives the company confidence that intismeran could work there.
He said the bigger question is whether the treatment will work in cancer types where checkpoint inhibitors have not worked.
Melanoma burden
Melanoma cases have been increasing over the past few decades.
More than 330,000 new cases were diagnosed worldwide in 2022.
For the US in 2026, estimates are:
- Around 112,000 new melanoma cases.
- More than 8,500 deaths.
Most recurrences after resected melanoma are metastatic rather than localised.
Closing note
DayStarter by Devraj, 20 August 2026. Market data is from the Zerodha AfterMarket Report dated 19 August 2026. Macro, corporate and global sections are based on the Mint Mumbai print edition dated 20 August 2026 and the Zerodha AfterMarket Report. The feature section uses the Merck & Co. and Moderna joint news release dated 19 August 2026, Axios, BioSpace and CBS News. Compiled from named sources. No investment advice.