Asian markets traded lower on Thursday after a sharp selloff in US chip stocks revived concerns that the AI-led market rally may have run ahead of underlying fundamentals.
US stock market ended marginally lower on Wednesday as weakness in technology stocks weighed on sentiment, although gains in Meta Platforms helped cushion losses in the S&P 500 and Nasdaq.
Here's a table showing how US stocks performed on Wednesday:
Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
Alphabet | 357.89 | 4.56 | 1.29% | 359.56 | 353.23 | 404.44 | 173.88 |
Apple | 294.38 | 5.02 | 1.73% | 296.59 | 289.2 | 317.4 | 201.5 |
Meta | 612.91 | 49.62 | 8.81% | 628.28 | 595.1 | 796.25 | 520.26 |
Tesla | 425.3 | 4.7 | 1.12% | 432.86 | 418.09 | 498.82 | 288.77 |
Netflix | 74.19 | 2.79 | 3.91% | 74.36 | 72.33 | 133.88 | 70.86 |
Amazon | 241.7 | 3.36 | 1.41% | 244.9 | 234.9 | 278.56 | 196 |
Microsoft | 384.28 | 11.26 | 3.02% | 388.83 | 374.89 | 555.45 | 349.2 |
Dow Jones | 52305.24 | -13.96 | -0.03% | 52742.66 | 52026.64 | 52742.66 | 43340.68 |
Nasdaq | 29809.13 | -467.21 | -1.54% | 30084.78 | 29787.41 | 30762.2 | 22388.09 |
Source: Equitymaster
At present, the BSE Sensex is trading 504 points higher, and the NSE Nifty is trading 146 points higher.
Infosys, HCL Tech, TCS are among the top gainers today.
NTPC, Bharat Elec, Bharti Airtel, on the other hand, are among the top losers today.
The BSE 150 Midcap index is trading 0.2% higher, and the BSE 250 SmallCap index is trading 0.4% higher.
Sectoral indices are trading mixed today, with stocks in the metal sector and IT sector witnessing buying. Meanwhile, stocks in the telecommunication sector and power sector witnessed selling pressure.
The rupee is trading at Rs 94.6 against the US dollar.
Coal India Secures Major Solar Project
Coal India has received a Letter of Award (LoA) from Bundelkhand Saur Urja Limited to develop a 600 MW solar power project at Jalaun Solar Park in Uttar Pradesh. The project, comprising two 300 MW units, will be developed at a tariff of Rs 2.73 per kWh and involves an estimated investment of Rs 28.31 billion (bn).
The project is expected to be completed within 18 months of signing the Power Purchase Agreement (PPA). Before work begins, Coal India is required to complete the necessary documentation, sign the PPA along with other project-related agreements, and pay the upfront solar park development charges.
Tata Technologies Deepens Strategic Tenneco Partnership
Tata Technologies has strengthened its partnership with Tenneco LLC through a new long-term strategic agreement focused on mobility engineering and digital transformation.
As part of the collaboration, Tenneco is expected to invest more than US$100 million over the next five years to expand engineering capabilities, drive digital innovation, and support future mobility solutions from India.
Hero MotoCorp Strengthens EV Manufacturing Plans
Hero MotoCorp has announced plans to invest Rs 32 bn in Andhra Pradesh over the next three to five years to build a manufacturing ecosystem in the state.
As part of this plan, the company has laid the foundation stone for its second Global Parts Centre (GPC) in Tirupati with an investment of Rs 7.5 bn.
The new facility is expected to strengthen Hero MotoCorp's global supply chain while supporting its vision of developing Tirupati into a major manufacturing and electric vehicle (EV) hub, reinforcing India's position in the automotive and EV industry.
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