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The BSE sensex ended 436.94 points or 0.79% higher at 55,818.11, snapping a 2-session losing streak, led by technology and power stocks and tracking a decline in crude oil prices. Worries about inflation eased temporarily as oil prices dropped amid reports of Saudi Arabia willing to pump more oil if Russia output is cut. Oil impacts India's current account deficit significantly as India imports more than 85% of its oil needs. Top gainers included Reliance (+3.51%), Bajaj Financial Services (+2.88%), Sun Pharmaceuticals (+2.35%) and Hindustan Computer Limited Technologies (+2.08%). However, losses in financial and consumer goods limited the upside, with Housing Development Finance Corporation dragging the most on the index. (-1.69%).

The Shanghai Composite rose 0.42% to 3,195 while the Shenzhen Component added 0.67% to 11,628 on Thursday, closing at their highest since mid-April, as sentiment was lifted after Chinese authorities vowed to accelerate the rollout of new measures aimed at stabilizing the economy. The package of 33 measures covered fiscal, financial, investment, consumption and industrial policies, among others. The plan also includes an increase in the credit quota for policy banks by 800 billion yuan to provide financial support for infrastructure construction. New energy stocks led the advance after China unveiled a 5-year plan to increase the share of renewable sources in its energy mix to 33%, with strong gains from Contemporary Amper (2.8%), China Northern Rare Earth (4.7%) and Bluepark New Energy (10%). Chinese automakers also rallied after the purchase tax was halved to boost auto consumption, including ChongQing Changan (6.8%) and Great Wall Motor (5%).

The Nikkei 225 Index eased 0.16% to close at 27,414 while the broader Topix Index lost 0.63% to 1,926 on Thursday, giving back some gains from the previous session and taking cues from a weak overnight session on Wall Street, with technology and healthcare stocks leading the decline.Losses in the technology sector were led by Keyence (-1.2%), Recruit Holdings (-2.6%), Renesas Electronics (-2.6%), Mercari Inc (-7.1%) and M3 Inc (-3.3%). Healthcare stocks also slumped, including Takeda Pharmaceutical (-2.8%), Hoya Corp (-2.8%) and Astellas Pharma (-4.1%). Meanwhile, strong gains were seen from select stocks like Fast Retailing (2.5%), W-Scope Corp (17.1%) and Osaka Titanium (15.7%).

US futures were modestly higher on Thursday, as investors continue to assess the economic outlook, corporate results and economic figures. Fresh data continues to point to a robust manufacturing sector while the ADP report showed US companies added the fewest number of jobs since the pandemic recovery began. At the same time, oil prices declined, offering some temporarily relief over a spike in inflation. Still, concerns over faster interest rate increases and the risk of recession linger. Investors now await the payrolls report tomorrow for further updates on the labour strenght and wage growth. On the corporate front, earnings from pet retailer Chewy and apparel retailer PVH beat forecasts while earnings and revenues from HP missed. In regular trading on Wednesday, the Dow lost 0.54%, while the S&P 500 and Nasdaq Composite dropped 0.75% and 0.72%, respectively.

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